Gold rallies, following silver, on fresh technical buying

(Kitco News, Thurs. Jan. 22nd, 2026) – Gold prices are higher and near this week’s record high, while silver prices are sharply up and poked to a new all-time peak of $95.885, basis March Comex futures. Chart-based buying is featured as both metals remain in firmly bullish technical postures. February gold was last up $43.60 at $4,880.90. March silver prices were up $3.023 at $95.64.

The two precious metals saw price gains today despite an uptick in trader and investor risk appetite. President Trump Wednesday afternoon said he would refrain from imposing tariffs on goods from European nations opposing his effort to take possession of Greenland, citing a “framework of a future deal” he said was reached regarding the island.

The marketplace was also assuaged as Japanese government bonds rebounded for a second straight session Thursday, led by super-long maturities as market sentiment steadied after a steep sell off earlier this week. The recovery followed calls for calm from Japanese Finance Minister Satsuki Katayama, with some fund managers viewing the recent jump in yields as an opportunity for buying the dip. Traders will be watching the Bank of Japan policy decision on Friday, and any comments on the market from Governor Kazuo Ueda, as well as an auction of 40-year Japanese bonds next week.

Note: The gold market operates through two primary pricing mechanisms. The first is the spot market, which quotes prices for on-the-spot purchase and immediate delivery. The second is the futures market, which sets prices for delivery at a future date. Due to year-end positioning market liquidity, the December gold futures contract is currently the most actively traded on the CME.

Technically, February gold futures bulls’ next upside price objective is to produce a close above solid resistance at $5,000.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $4,539.10. First resistance is seen at the record high of $4,891.10 and then at $4,900.00. First support is seen at $4,800.00 and then at the overnight low of $4,772.70. Wyckoff’s Market Rating: 9.0.