Today’s Gold Analysis Overview:
- The overall Gold Trend: Strongly bullish.
- Today's Gold Support Points: $4620 – $4550 – $4470 per ounce.
- Today's Gold Resistance Points: $4700 – $4765 – $4820 per ounce.
Today's Gold Trading Signals:
- Sell gold from the resistance level of $4750 with a target of $4400 and a stop loss at $4800.
- Buy gold from the support level of $4520 with a target of $4700 and a stop loss at $4470.
Technical Analysis of Gold Price (XAU/USD) Today:
At the start of the trading week, gold prices hit a new record high, heading toward $4,700 per ounce despite the U.S. market holiday. According to gold trading platforms, the gold index jumped to an all-time high of $4,690 per ounce before stabilizing around $4,660 at the time of writing. Overall, this surge in spot gold follows weekly gains of 1%, with prices already up 8% since the beginning of 2026.
Similarly, silver prices also rose to a new record high during the Martin Luther King Jr. Day holiday. Silver futures jumped to $94.495 per ounce. According to reputable trading platforms, the white metal recorded gains of 10% last week and has risen by 33% this year. Investors may take advantage of the low trading volumes due to the closure of US markets. Meanwhile, global markets are reacting to President Donald Trump's pledge to impose tariffs on European allies until the US purchases Greenland from Denmark.
Moreover, there are other factors driving the rise in the prices of both metals.
For gold, the issue is geopolitical. According to commodity market experts, geopolitical tensions have given gold investors an additional reason to push prices to new record highs. With Trump imposing tariffs, it has become clear that his threat to Greenland is real, and we may be one step closer to the end of NATO and political instability within Europe.
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As for silver, trading is simply a matter of fundamentals: continued supply shortages, strong industrial demand, and investors' flight to safe havens.
In addition, the weakening dollar has contributed to the rise in metal prices, with the US Dollar Index (DXY) falling 0.37% to 99.02, after opening at 99.39. The US Dollar Index, which measures the value of the US dollar against a weighted basket of other major currencies, also fell 0.37% to 99.03, after opening at 99.39. The index is attempting to recover from its disappointing performance in 2025, having risen 0.7% since the beginning of the year.
As mentioned previously, gold investors are less concerned with technical indicators reaching strong overbought levels than with monitoring the factors influencing the metals markets. This ensures that bulls can quickly push gold prices to the psychological resistance level of $5,000 per ounce once they stabilize above the $4,700 per ounce peak.
Gold and Silver Reach Record Levels
Gold and Silver prices have surged to new record levels, driven by U.S. President Donald Trump's threat to impose tariffs on European nations in an attempt to force a deal allowing the United States to purchase Greenland. This move has accelerated a flight toward safe-haven assets. Overall, this rally reflects a rapid reassessment of geopolitical and political risks rather than changes in physical supply.
According to experts, when institutional and political risks rise, financial markets tend to move quickly toward safe-haven assets, with gold once again emerging as the preferred choice. Currently, gold trading is no longer merely influenced by tariff news or monetary policy developments; it is entering a phase of strategic re-evaluation within global portfolios as confidence in fiat currencies is increasingly tested.
For his part, Trump stated over the weekend that the US would impose a 10% tariff on imports from the UK, Denmark, Norway, Sweden, France, Germany, the Netherlands, and Finland by February 1st if an agreement on Greenland is not reached. He added that tariffs would rise to 25% in June if negotiations failed to reach an agreement.
In response, the European Union warned that it could activate a €93 billion ($108.2 billion) counter-tariff package—agreed upon last year—as early as February 7th if the U.S. measures proceed. Meanwhile, British Prime Minister Keir Starmer stated yesterday that Britain is not currently considering retaliatory tariffs.
Generally, the rise in precious metal prices is exacerbating the existing pressures in currency and gold markets stemming from the escalating confrontation between Trump and the US Federal Reserve and its chairman, Jerome Powell. Recent gold price movements had already been influenced by concerns about central bank independence, the volatility of the US dollar, and the potential for policy-induced inflationary shocks, adding another layer of support to prices even before the latest tariff threats emerged.
As is well known, gold typically performs strongly during periods of geopolitical tension, political uncertainty, and low real interest rates. This latest rally follows a 64% price increase last year; gold has risen by approximately 8% since the beginning of this year as investors continue to reassess risks in global markets.
As for silver, it has seen an even larger surge. The metal’s price rose by 147% during 2025 and is up by more than 30% so far this year, reflecting its role as a safe haven and its increasing importance in industrial and clean energy applications amid escalating geopolitical tensions and trade risks.
Trading Advice:
We still recommend investing in gold and entering buy positions with every significant price pullback. However, do so without excessive risk and continue to monitor the factors influencing the market.
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