Metals flashing red after record runs – Silver (XAG/USD), Gold (XAU/USD) and Copper (XCU/USD) Outlook

Ben Graham · 1 hora atrás

Silver, Gold were reaching new highs every day but saw a sudden top in today's action
Post-FOMC rally gets tested, we observe if the trend can continue
High timeframe analysis for XAG/USD, XAU/USD and XCU/USD (Copper)

If 2025 was volatile for metals, 2026 is starting with even greater intensity.

The global order is fracturing as historic allies clash and new conflicts appear imminent.

For metal maximalists, this confirms a long-held thesis. Decades of high deficits create predictable capital flows and supply shortages, which are now driving prices to daily records.

As geopolitical tensions rise, investors are rushing to commodities to hedge against supply shortages and inflation, a classic play.

metals perf 2026 — Metals performance in 2026 – Source: TradingView

But today's flows feel different.

It is almost impossible to predict tops in such extreme, unidirectional trends. Some periods can be more favorable for squeezes. Some others are more favorable for rangebound conditions and selloffs.

And such periods tend to change at the beginning of the New Year, at the start of Quarters, Months, or even after FOMC meetings.

As the US President announced he will officially announce his decision on the Fed Chair next week, Markets are looking back at yesterday's Federal Reserve decision.

Higher rates for longer will be the way to go for the Fed until anything cracks, as the US Labor Market bounced back and the US economy is shining – Can't justify many cuts with that.

Today marked a brutal stalling in rallies throughout the Metals asset class.

Gold was trading 6% higher than the day before the FOMC, only to give up those gains in a 10% flash crash.

Similar flows occurred in Copper, Silver, Palladium, and Platinum, all dropping by 9% to 11%.

By the way, Copper spiked to new record highs in yesterday's evening session, reaching $6.52 per lb, but still lacking a more fundamental foundation to persistently elevated prices.

You can discover more on Copper fundamentals through this wonderful piece.

In the meantime, let's dive right into intraday timeframe analysis for Gold (XAU/USD), Silver (XAG/USD) and Copper (XCU/USD) to spot where the session dynamic takes the price action. Is the trend challenged?

Gold (XAU/USD) 2H Chart and levels

gold 2h 2990101 — Gold (XAU/USD) 2H Chart, January 29, 2026 – Source: TradingView

This morning's action could pose a significant test to the 30% yearly run in the Bullion.

The current fundamentals are heavily backing the recent rise, particularly as it is far less extreme than the one seen in Silver for example.

Still, when profit-taking occurs so suddenly, traders can look around, question the current state of the Market and reassess if the trend can still hold.

Since the flash, prices have rebounded – Hence look at these two levels:

Any retest of the all-time high ($5,600) should be followed with further upside. Particularly after a 4H candle close. Next areas of interest could be between $5,800 and $5,900.
Any break and close below $5,100 can put the entire 2026 gains in challenge.
- The 4H 50-period MA can act as a very interesting indicator for short-term momentum

Higher Timeframe Levels to watch for Gold (XAU/USD):

Resistance Levels:

Current All-time Highs – $5,500 to $5,600
Key Fibonacci Projection $5,800 to $5,900
$5,400 mini-resistance

Support Levels:

$5,000 to $5,100 Major Psychological Pivot (Morning lows $5,100)
$4,788 4H MA 200
Pivotal Support $4,400 to $4,500 – Bullish above, Bearish below
Minor Support $3,880 to $4,050
$3,200 to $3,500 Major Support
$2,600 to $2,800 November 2024 Support
$1,800 to $2,000 2022 to 2024 Range Support

Silver (XAG/USD) 2H Chart and levels

silver 2h 2901 — Silver (XAG/USD) Weekly Chart, January 29, 2026 – Source: TradingView

Evolving in a steep upward channel, Silver is testing its upper bound in high volatility consolidation.

Prices have maintained within a $107 to $120 range since Monday, hence trades will look for breakouts either to the upside or downside for future action.

Similarly as in Gold, look for a candle close above or below with high volumes to get confirmation.

A break lower could go test the Upward channel lower bounds, currently around $92.

Higher Timeframe Levels to watch for Silver (XAG/USD):

Resistance Levels:

$118 to $120 Current ATH Resistance
Current Record $121.67
Potential Resistance $125 to $127

Support Levels:

Key Momentum Pivot and Range lows $100 to $104
Higher Timeframe Pivotal Support $89 to $92
2025 HighsMini-Support $80 to $84
Major 2026 Support $70 to $72
December FOMC Major Support $58.00 to $60

Copper (XCU/USD) 2H Chart and levels

Copper 2h chart — Copper (XCU/USD) 2H Chart, January 29, 2026 – Source: TradingView

The recent moves are not particularly indicative of a trend-end but recent up and down action may precede doubts to the sustainability of the recent moves.

Copper spiked by 10% during overnight trading, corrects by a similar amount and is now holding tight at its January 14 record range ($6.00 to $6.10 Major Pivot).

Holding above the Pivot keeps the trend intact and could lead to further highs with the next step between $6.90 to $7.00.
Closing below the pivot would hint at a test of the $5.70 to $5.90 pivotal support.
- Any close below the Pivotal support would compromise the uptrend.

Current ATH Resistance $6.40 to $6.50

Higher Timeframe Levels to watch for Copper (XCU/USD):

Resistance Levels:

Current ATH Resistance $6.40 to $6.50
$6.52 Current Record
Potential Resistance $6.90 to $7.00

Support Levels:

$6.00 to $6.10 Early Jan 2026 Record
Pivotal Support $5.70 to $5.90 – Bullish above, Bearish Below
Minor Support at March 2025 Highs $5.40
Major Monthly Support between $4.90 to $5.00 (50-Week MA)

Watch out for positioning and fast-paced moves!

quote 2901 — This quote is starting to make sense!

January is already coming to an end and it has historically been the best month for Gold, Silver and Platinum. Keep a close eye to see if the rally holds the colder February ahead.

Safe Trades!

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