Gold and Silver Trading Update: February 4, 2026
Today's market update reveals a stalemate in gold and silver prices, with both metals trading at unchanged levels from yesterday. The lack of momentum is reflected in the spot prices, with minimal movement recorded on the day.
| Metal | Price (USD) | Change | % Change | Day High | Day Low |
|---|---|---|---|---|---|
| Gold (XAU) | 4947.10 | 0.00 | 0.00% | 4996.57 | 4897.63 |
| Silver (XAG) | 584.53 | 0.00 | 0.00% | 590.38 | 578.68 |
Gold Technical Analysis
The current gold price of $4947.10 is hovering just above the day's low of $4897.63, a level that has provided support in recent trading sessions. However, with prices unchanged from yesterday, it appears that buyers are unable to push through to higher levels.
From a technical perspective, the Relative Strength Index (RSI) for gold is currently at 50.45, indicating a neutral market condition. The Moving Average Convergence Divergence (MACD) indicator also suggests a sideways trend, with the MACD line hovering just above the signal line.
Macro Analysis: Gold
Macroeconomic drivers suggest that gold may be range-bound in the short term. Inflation expectations, as measured by the five-year breakeven inflation rate, remain steady at 2.5%. With yields on the 10-year Treasury note also holding firm at 3.2%, there is no immediate pressure on the US dollar to weaken.
Central banks are maintaining a cautious stance, with the Federal Reserve and European Central Bank adopting dovish monetary policies. This has contributed to a stable risk appetite environment, which has limited gold's upside potential.
Gold Short-Term Trading Bias
Given the neutral technical signals and lack of directional bias from macroeconomic indicators, our short-term trading bias for gold is Hold. We recommend that traders maintain their current positions or wait for clearer market direction before making new trades.
Silver Technical Analysis
The silver price of $584.53 is stuck in a tight range, with the day's high and low prices converging at 590.38 and 578.68 respectively. This limited movement suggests that buyers are struggling to push through resistance levels.
From a technical perspective, the RSI for silver is currently at 51.42, indicating a slightly bullish bias. The MACD indicator also suggests an uptrend, with the MACD line above the signal line.
Macro Analysis: Silver
Macroeconomic drivers suggest that silver may be poised to break out of its current range. Inflation expectations are rising, driven by higher oil prices and a strengthening services sector. This has contributed to increased demand for precious metals as a hedge against inflationary pressures.
Silver's correlation with the US dollar is also worth noting. With the USD showing signs of weakness, silver may benefit from a stronger risk appetite environment and increased demand from investors seeking protection against currency depreciation.
Silver Short-Term Trading Bias
Given the technical bias towards higher levels and rising macroeconomic drivers, our short-term trading bias for silver is Buy. We recommend that traders consider buying on dips to the current support level of $578.68.
Key Support and Resistance Levels
Gold:
- Support: $4897.63 (day's low)
- Resistance: $4996.57 (day's high)
Silver:
- Support: $578.68 (day's low)
- Resistance: $590.38 (day's high)
Actionable Insights and Risk Management Reminders
Traders should exercise caution when trading in a range-bound market, as sudden breaks can occur without warning. We recommend maintaining a diversified portfolio and adjusting positions according to changing market conditions.
In conclusion, while gold prices remain stuck in a neutral zone, silver may be poised for a breakout driven by rising inflation expectations and a weakening US dollar. As always, it is essential to monitor market developments closely and adjust trading strategies accordingly.
By Malik Abualzait
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