Gold, Silver and US Dollar Technical Analysis: Nonfarm Payroll Report Could Drive Next Move

Donald Trump’s recent tariff threats and reversals on Canada and Mexico have weakened the US Dollar. This volatility highlights growing uncertainty surrounding US trade and monetary policies. Despite the short-term weakness, the US Dollar’s long-term trend remains upward.

Moreover, the 10-year Treasury yield fell below 4.5%, reducing inflation concerns. This decline and the Fed’s pause on rate hikes have eased pressure on long-term interest rates. As a result, lower yields have made gold (XAU) more attractive by reducing the opportunity cost of holding non-yielding assets. Gold has surged to record levels above $2,795 and aims for $3,000. Geopolitical and economic uncertainties are fueling safe-haven demand, supporting this upward move. In contrast, silver (XAG) lags due to its heavy reliance on industrial demand, which lacks strong growth catalysts.