Gold and Silver Prices Remain Stagnant Amid Ongoing Volatility
As of February 4, 2026, gold and silver prices have held steady, with the former trading at $5078.60 and the latter at $587.73. Both metals have registered zero percent change over the day, indicating a lack of significant momentum in either direction.
Gold (XAU) Technical Analysis
- Price: $5078.60
- Change: 0.00
- % Change: 0.00%
- Day High: $5129.39
- Day Low: $5027.81
From a technical perspective, gold prices have been consolidating within a narrow range over the past few trading sessions. The metal has failed to break above key resistance levels around $5150-$5200, which could be attributed to the recent uptick in US Treasury yields and strengthening USD. The Relative Strength Index (RSI) indicates an oversold condition, suggesting that gold may experience a minor bounce in the near term.
However, macroeconomic fundamentals remain supportive for gold prices. Rising inflation expectations and concerns over global economic growth continue to underpin demand for safe-haven assets like gold. Furthermore, central banks' efforts to maintain accommodative monetary policies could contribute to further price appreciation.
Gold (XAU) Macro Analysis
Inflation expectations have remained elevated, with the US Consumer Price Index (CPI) expected to surpass 3% in Q1 2026. This uptick in inflationary pressures has led investors to seek refuge in gold, which tends to perform well during periods of high inflation. Meanwhile, rising yields have also contributed to a strengthening USD, making gold more expensive for non-US buyers and potentially limiting price gains.
Short-Term Trading Bias: Hold
Given the consolidation pattern in gold prices and mixed macroeconomic signals, we recommend maintaining a neutral stance on gold. While inflation expectations remain supportive, rising yields and a stronger USD may limit near-term upside potential. Investors should monitor key resistance levels around $5150-$5200 for signs of a potential breakout.
Key Support and Resistance Levels:
- Key Support: $5050
- Key Resistance: $5150
Silver (XAG) Technical Analysis
| Metal | Price (USD) | Change | % Change | Day High | Day Low |
|---|
Silver prices have also remained stagnant, failing to break above key resistance levels around $600-$610. The RSI indicates a slightly overbought condition, which may lead to a minor correction in the near term.
Silver (XAG) Macro Analysis
Silver's performance is closely tied to that of gold, with both metals often exhibiting similar price movements. However, silver tends to be more sensitive to changes in risk appetite and investor sentiment. As such, the metal has been vulnerable to recent fluctuations in global market sentiment.
Short-Term Trading Bias: Sell
Given the lack of momentum in silver prices and a slightly overbought condition, we recommend initiating a short position on silver. Rising yields and a strengthening USD could further limit price gains, while increased volatility in global markets may lead to heightened selling pressure.
Key Support and Resistance Levels:
- Key Support: $580
- Key Resistance: $610
Conclusion and Actionable Insights
Investors should maintain a cautious stance on gold and silver prices, given the mixed macroeconomic signals and ongoing consolidation patterns. While inflation expectations remain supportive for gold, rising yields and a stronger USD may limit near-term upside potential. Silver's price action is highly sensitive to changes in risk appetite and investor sentiment.
As with any trading strategy, it is essential to manage risk effectively by setting clear stop-loss levels and position sizing guidelines. Investors should monitor key support and resistance levels closely for signs of a potential breakout or correction.
By Malik Abualzait
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