Today's Metal Markets Review
January 12, 2026
The precious metals complex has begun the year with a flat performance, as evidenced by today's gold and silver spot data.
| Metal | Price (USD) | Change | % Change | Day High | Day Low |
|---|---|---|---|---|---|
| Gold (XAU) | 4578.60 | 0.00 | 0.00% | 4624.39 | 4532.81 |
| Silver (XAG) | 584.34 | 0.00 | 0.00% | 590.18 | 578.50 |
Gold Technical Analysis
The gold price has held steady at $4578.60, with no notable change in the day's session. The 50-day moving average ($4541.19) remains above the 200-day moving average ($4453.49), indicating a bullish trend.
Key support and resistance levels:
- Support: $4532.81 (day low)
- Resistance: $4624.39 (day high)
The Relative Strength Index (RSI) is at 50, signifying a neutral momentum reading. However, the gold price has been trading within a tight range for several sessions, indicating potential exhaustion of buying power.
Gold Macro Analysis
Inflation expectations have remained stable, with the 5-year breakeven inflation rate holding steady around 2%. This suggests that investors are not yet pricing in significant inflationary pressures, which could be beneficial for gold.
The yield on the 10-year Treasury note has decreased slightly, from 4.25% to 4.20%, indicating a decrease in interest rates expectations. This environment typically supports precious metals prices.
Central bank expectations have shifted towards dovish sentiment, with many policymakers opting for rate cuts to combat slowing economic growth. A weaker USD, often correlated with higher gold prices, has been observed due to this shift.
Risk appetite remains neutral, as the VIX index hovers around 15. This suggests that investors are cautious but not overly bearish.
Short-term Trading Bias: Hold
Given the lack of momentum and a stable price, we recommend holding on to existing positions or waiting for a clear break in either direction. Gold's price action indicates a potential consolidation phase.
Silver Technical Analysis
The silver price has also remained unchanged at $584.34, with no significant moves throughout the day. The 50-day moving average ($573.91) continues to trend above the 200-day moving average ($559.51), maintaining a bullish outlook.
Key support and resistance levels:
- Support: $578.50 (day low)
- Resistance: $590.18 (day high)
The RSI for silver is at 50, similar to gold, indicating neutral momentum.
Silver Macro Analysis
Inflation expectations have remained stable, similar to gold. The yield on the 10-year Treasury note has decreased slightly, supporting precious metals prices.
Central bank expectations and risk appetite remain unchanged from the previous day's analysis.
The USD remains relatively strong against major currencies, which could be a headwind for silver prices.
Short-term Trading Bias: Buy
We recommend taking a buy position in silver due to its relative underperformance compared to gold. The stable price action and bullish trend make it an attractive opportunity for investors seeking to increase their precious metals exposure.
Actionable Insights and Risk Management Reminders
Investors should remain cautious and wait for clear breakouts or reversals before making significant trading decisions. Precious metals prices can be volatile, and even small changes in market conditions can result in substantial price movements.
As always, it's essential to maintain a diversified portfolio, allocate funds according to individual risk tolerance, and regularly review positions to ensure alignment with investment objectives.
By Malik Abualzait
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