As the Asian markets commenced their trading on Monday, February 17, gold faced a resistance to its reboundEarlier, the metal saw a slight increase of 0.37%, reaching $2893.64 per ounce, but shortly after, it dropped, settling around $2896 per ounceThis decline was largely attributed to profit-taking by bullsIn the previous week, gold prices plummeted by over 1.55%, largely due to this profit-taking sentiment, even though it marked the seventh consecutive week of upward momentum in the weekly charts.

On Thursday of the previous week, the team's economic advisory proposed a plan to impose reciprocal tariffs on all countries exporting goods to the United StatesThis potential move, which could catalyze inflation, is likely to fuel the safe-haven demand for gold — traditionally viewed as a hedge against rising prices and geopolitical instabilityIn parallel, January's retail sales figures in the U.S. marked the largest decline seen in nearly two years, indicating a significant deceleration in economic growth at the start of the first quarterDespite the comprehensive drop in retail sales data released by the U.SDepartment of Commerce on Friday, which exceeded prior forecasts, it may not reflect a substantial change in consumer spending, as it had shown significant growth for four consecutive months previously.

According to the U.SBureau of Statistics, retail sales fell by 0.9% last month, marking the largest decrease since March 2023, while December's increase was revised upwards to 0.7%. Economists surveyed by Reuters had expected a minimal decline of 0.1% in retail sales (which only includes goods and isn't adjusted for inflation). Moreover, year-over-year retail sales in January grew by 4.2%. Additionally, the United States has postponed the implementation of scheduled trade tariffs, which has alleviated market concerns about the severity of these tariffs.

Gold Market Analysis for February 17:

In the previous trading day, gold opened around $2828. During the Asian session, it maintained a tight sideways trading pattern

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Upon the European market commencing, there was a surge resulting in a fresh intra-day high near $2940. However, thereafter, it faced a sharp decline, and in the U.S. trading session, the bear trend continued, eventually hitting an intra-day low around $2877 where support was notedThe session closed with a significant bearish candlestick patternObserving the daily chart reveals the Bollinger Bands are in a contracting stateAfter a series of rebounds, the price took a downturn with both the 5-day and 10-day moving averages curling downwards and divergingThe MACD energy bars are gradually diminishing, and the KDJ indicator has indicated a death crossThe overall daily outlook suggests a bearish trend for today with expected high rebound operations, while continuing to watch for pullbacks following upward movementsIn shorter time frames, the Bollinger Bands have opened downwards, with the price fluctuating near the lower bandThe short-term moving averages also show a downward curl, and MACD energy bars are on an upward trajectoryThe KDJ also shows a death cross, suggesting continued bearish sentiment with low upward rebounds to be expected.

Gold Trading Recommendations for February 17:

1. Short positions are suggested near $2896/$2898, with a stop loss set at $6.5, targeting downward movement towards $2878—$2852—$2820.

2. Any tests near $2910/$2912 should be opportunities to short, with a stop loss at $6.5 targeting downward movement towards $2896—$2870.

3. Long positions may consider entries around $2838/$2840, setting a stop loss at $6.5, with targets set upwards towards $2852—$2864.

Silver Market Analysis for February 17:

Silver opened close to $32.3 last trading day, showing a rebound in the Asian session

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The upward momentum continued into the European trade, with the U.S. market pushing the price to a new high of about $33.38 before facing declines again, eventually hitting a low that closed around $32 with a small downward candlestick formationIn daily charts, the Bollinger Bands remain open upwards, although the price has retraced downwards off the upper band resistanceThe MA5 and MA10 indicators are temporarily diverging upwards, with MACD volume increasingHowever, the KDJ indicators are showing a death cross, indicating that while the long-term trend appears to be one of bullish activity, today might not support this momentumDirectionally, the expectation leans towards continued weak downward movements reflecting bearish activity during today's trading sessions.

Silver Trading Recommendations for February 17:

1. Short positions are recommended near $32.24/$32.38, with a stop loss at $32.62 targeting downward movement through $31.7—$31.25—$30.56.

2. Any tests around $32.54/$32.66 may be opportunities to short, with a stop loss at $32.87 targeting down to $32—$31.45.

3. Long trades may be considered near $30.63/$30.68, with a stop loss at $30.42 targeting up to $31—$31.45.

Crude Oil Market Analysis for February 17:

Crude oil opened near $71.5 in the previous dayThe Asian session showed mixed trading with some upward turns, although the European trading saw steady growthThe U.S. market eventually pushed prices to a fresh high around $72, before declining sharply, dipping to a low of about $70.4 towards the end of the session, casting a small downward candlestick formation in daily charts

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