Gold and Silver Update: February 9, 2026
Today's trading session has yielded mixed results for gold (XAU) and silver (XAG), with both metals closing at nearly identical prices compared to yesterday, indicating a lack of significant momentum.
| Metal | Price (USD) | Change | % Change | Day High | Day Low |
|---|---|---|---|---|---|
| Gold (XAU) | 5047.10 | 0.00 | 0.00% | 5097.57 | 4996.63 |
| Silver (XAG) | 582.59 | 0.00 | 0.00% | 588.42 | 576.76 |
Gold Technical Analysis
Gold prices have been experiencing a relatively stable trading environment over the past few sessions, with limited price movements. The price action is currently being capped by resistance at $5097.57 and supported by a floor at $4996.63.
In terms of technical indicators, gold's RSI (14) has dropped to 47.28, suggesting that prices may be oversold in the near term. However, a break above the current resistance level would necessitate re-evaluation.
The dollar's strength against major currencies and yields have been key drivers for gold, with some expecting central banks to hike interest rates to combat inflationary pressures. The CFTC data suggests that investors remain cautious, maintaining net-long positions in gold.
Gold Macro Analysis
Macro drivers such as rising inflation expectations, hawkish central bank sentiment, and the risk of higher yields have been supporting gold prices. Additionally, the strengthening USD has traditionally provided a safe-haven appeal for gold. However, with interest rates expected to rise further, some investors may reassess their allocation in favor of other assets.
Given these factors, our short-term trading bias for gold is Hold. While gold prices are likely to remain range-bound in the near term, any break above $5097.57 could lead to a more substantial price increase.
Key support levels:
- Floor: $4996.63
- Support 2: $4980.00
Resistance levels:
- Resistance 1: $5097.57
- Resistance 2: $5125.00
Silver Technical Analysis
Similar to gold, silver prices have been exhibiting a lack of momentum over the past few sessions. The current price action is being capped by resistance at $588.42 and supported by a floor at $576.76.
In terms of technical indicators, silver's RSI (14) has dropped to 45.89, suggesting that prices may be oversold in the near term.
Silver Macro Analysis
Macro drivers such as inflation expectations, yields, and central bank actions have been influencing silver prices. With some investors anticipating a continued rise in interest rates, they may reassess their allocation towards other assets. The strengthening USD has typically provided a safe-haven appeal for silver.
Our short-term trading bias for silver is Sell. While silver prices are likely to remain range-bound in the near term, any break below $576.76 could lead to further price declines.
Key support levels:
- Floor: $576.76
- Support 2: $572.00
Resistance levels:
- Resistance 1: $588.42
- Resistance 2: $590.00
Actionable Insights and Risk Management Reminders
As prices continue to trade within a narrow range, it is essential for traders and investors to maintain a disciplined approach to risk management. Given the current market conditions, we recommend maintaining positions in gold while reassessing allocations in silver.
In conclusion, the lack of significant price movements in both metals suggests that investors should remain cautious and wait for clear breakouts or reversals before making any trading decisions. A thorough understanding of macro drivers, technical indicators, and market sentiment is crucial to navigating this complex market environment.
By Malik Abualzait
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