Gold market analysis

"Gold and Silver Prices Enter Consolidation Phase" 27/1/2026 10:42 Finalized 

The spot gold price movement yesterday was exactly as expected. It peaked at the $5,111 level and then started to fall. Although it remained largely sideways for most of the time, it began to weaken in the New York midday session and broke through the bottom of the sideways range. At the end of the trading day, it dropped to $4,990, precisely the bottom of the important support zone of $4,990 to $5,010 that was pointed out yesterday. 

Today, the gold price has been fluctuating upward, reaching a high of $5,075.57. From the 5-minute chart, it can be seen that this level is at the bottom of the tail end of yesterday's sideways range and is also close to the neckline of a small double top, thus indicating significant selling pressure. Measured by the Fibonacci extension line from the rise since $4,990, the current level has not yet reached 100% ($5,084.63). As the gold price touched both strong resistance and strong support yesterday, it is expected to fluctuate between $4,990 and $5,110 today. Taking $5,050 as the center, the resistance is at $5,080 and the support is at $5,020. 

Silver prices have shown significant volatility. As seen on the 5-minute chart, they have slightly exceeded the 100% Fibonacci extension level of 110.19. The highest point this morning was $111.11. The rebound from yesterday's low of $102.11 has also surpassed 50% of yesterday's maximum decline, which is $109.92. Therefore, it is expected that silver prices will encounter resistance between $110 and $112. The first support level for intraday adjustments is $107.90. 

From the daily chart, the prices of gold and silver both showed a shooting star pattern indicating a potential decline yesterday. The prices of gold and silver have risen rapidly in recent days. It is believed that they need to consolidate for a period of time before they can reach new highs. Therefore, it is expected that the gold price will remain above $5,000 in the short term, while the silver price is more likely to fluctuate above $110. 

The above content is for reference only and does not constitute investment advice.