On the morning of February 12, gold prices experienced a slight oscillation, hovering around $2900 per ounce. Tuesday saw an initial spike in prices that eventually fell back, primarily due to investors cashing out after gold hit a historical high. The pressure on gold prices was compounded by Jerome Powell's testimony to Congress, where he indicated that the Federal Reserve was in no rush to cut interest rates, reflecting a cautious yet stable economic outlook. Despite apprehensions stemming from the new tariff measures proposed by the U.S. government, many investors retained an optimistic view regarding gold, reflecting its traditional status as a safe-haven asset.

In his testimony before the Senate Banking Committee, Powell acknowledged the overall strength of the economy and noted that inflation remained above the Fed's target of 2%. However, he sidestepped questions regarding tariffs, the role of prominent figures like Elon Musk in government, and issues surrounding the security of bank accounts. These topics highlighted the uncertainties prevalent at the onset of the new administration. The formal purpose of Powell’s semi-annual testimony is to assess the economic conditions and monetary policy, yet it often delves into more complex discussions. In this instance, Powell expressed optimism about the current economic climate, noting that the U.S. unemployment rate is at 4%, inflation is close to the Fed’s target, and the economy continues to grow.

The introduction of a unified 25% tariff on steel and aluminum imports has sparked significant reactions. Powell's decision, viewed as an attempt to bolster struggling American industries, has been condemned by Mexico, Canada, and the European Union. Mexican Economy Minister Marcelo Ebrard described the move as "unreasonable" and "unfair," although he refrained from announcing any retaliatory tariffs on American steel or aluminum exports. This shift in trade dynamics, compounded by potential diplomatic tensions, has fueled concerns in various sectors, hinting at the far-reaching implications of these tariffs for international trade.

Analyzing the gold market on February 12, the opening price near $2908 saw a rapid surge during early Asian trading hours, reaching a high of $2943, before undergoing a steep decline. Throughout the European session, prices displayed volatility before continuing downwards upon the commencement of U.S. trading, hitting a daily low around $2882—an area of strong support—only to rebound slightly towards the day's end, closing with a candlestick pattern indicating indecision. The daily candlestick chart shows a Bollinger Band opening trending upwards, with prices nearing upper resistance levels. Moving averages, MA5 and MA10, temporarily diverged upwards, but the shrinking MACD bars and a dead cross on the KDJ indicator suggest a potential pullback in this high-value segment. Short-term tactics appear focused on potential drops, indicating that tactical short positions may be warranted despite occasional rebounds.

For trading strategies on February 12, recommendations include shorting near $2908/$2910 with a stop-loss at $6.50, targeting lower benchmarks at $2894, $2882, and $2850. Any tests of the highs around $2940/$2942 can also prompt short-selling, again with a $6.50 stop-loss and targets of $2926 and $2902. Conversely, buying positions could be pursued near support levels at $2853/$2856, setting stop-losses at $6.50, aiming upward to levels such as $2875 and $2898.

In the silver market on February 12, trading opened near $31.98 with a notable rebound, reaching an intraday high of $32.24 before beginning a downward trend throughout the European session. After hitting a low near $31.24, silver prices made minor gains before closing. The daily chart reveals that prices are testing mid-Bollinger Band support, and while moving averages indicate upward divergence, traders are reminded of the significant resistance above. Despite the potential for a bullish phase reflected in the KDJ cross, the overall sentiment leans towards caution with bearish pressure anticipated in the short-term.

For silver trading, recommended strategies include initiating short positions in the $32-$32.15 range with a stop-loss set at $32.37, targeting prices lower at $31.52, $30.98, and $30.24. Any level nearing $32.53/$32.68 can also trigger short positions, similarly with stop-losses at $32.89 and targets of $32 and $31.42. Conversely, support near $30.56/$30.68 presents an opportunity for long positions with a stop-loss at $30.32 and targets upwards towards $31 and $31.67.

Regarding crude oil on February 12, trading commenced near $72.5 with a gradual upward movement throughout Asian and European sessions. Following continued upward trends during U.S. trading, the contract peaked at $73.7 before slightly retracting by session's end. The daily candlestick pattern indicates a modest bullish trend, but analysis shows the Bollinger Bands are tightening, hinting at potential consolidation. The lower divergence in moving averages suggests a cautious approach in long positions, focusing on anticipated corrections.

For oil trading on February 12, suggested actions include going long in the $71.8/$72 range with a stop-loss at $71, targeting increases up to $73.4 and ultimately $75. Furthermore, any intraday approach nearing $70/$70.2 can lead to additional long positions with a stop-loss at $69 and a target of $71-$72. Lastly, should prices test $75/$75.2, short positions can be established with a stop-loss at $76, looking down towards $73.8 and $72 as target prices.