Metals Selloff Deepens on CME Margin Hike (02.02.2026)

Precious metals face heavy pressure as markets pivot to a less dovish view of Kevin Warsh’s Fed nomination, strengthening the dollar. This selloff is intensified by CME Group raising margin requirements, forcing leveraged liquidations and accelerating the retreat for gold and silver.

EUR/USD is stalling near 1.1850 with fading upside momentum, while USD/JPY remains volatile around the 154–155 zone amid yield moves and policy speculation. Gold and silver continue to trade under pressure as stronger dollar conditions and higher margin requirements drive liquidation, and sterling is struggling to extend gains as risk sentiment turns more cautious. Key technical levels remain in focus across all assets.

Euro Stalls Near 1.1850

EUR/USD is consolidating near 1.1850 as dollar demand stabilizes following recent shifts in U.S. rate expectations. Although no clear downtrend has formed, upward momentum is fading.

A break below 1.1810 would heighten downside risks, while attempts to rally toward 1.1900 will likely encounter significant selling pressure.

Yen Stays Volatile Around 154–155

USD/JPY is trading around 154.6 as investors monitor U.S. bond yields and shifting risk appetite. While the yen struggles to maintain significant gains, abrupt price swings are possible. Rising Treasury yields could push the pair higher, though ongoing speculation regarding Japanese policy shifts or verbal warnings from Tokyo may spark sudden pullbacks.

Key levels for the pair are currently identified with resistance at 155.10 and support at 153.90.

Gold Trades Below Key Pivot

Spot gold is holding near 4,470, remaining significantly below the critical 4,600 pivot. A stronger dollar and increased futures margins are fueling bearish pressure as leveraged positions continue to unwind. While the metal stays under 4,600, any bounces are viewed as corrective.

Sustained trading below this mark favors sellers, with a potential extension toward 4,275. Should that level fail, the next major horizontal support sits at 3,885.

Pound Stalls Amid Dollar Recovery

GBP/USD is trading near 1.3665 as a modest dollar rebound limits upward moves. The pair remains more sensitive to global risk sentiment than domestic UK data. Unless the pound reclaims 1.3720, near term risks stay skewed toward further consolidation or a mild decline.

Key levels include resistance at 1.3720 and support at 1.3600.

Silver Slides Toward $73

Silver is hovering near 73 following heavy liquidation alongside gold. As a high volatility proxy for the yellow metal, silver has magnified the recent downside move. With CME margin requirements hiked to 15%, the risk of forced selling remains high. Until prices stabilize above former support, the technical bias stays bearish.

The support for silver is seen at $71.40, while the resistance is near $79.