Key Points
- Gold held near $4,606 an ounce and silver traded around $91, steadying after Thursday’s profit-taking.
- The market’s core story stayed intact: expectations of easier U.S. policy, official-sector gold buying, and heavy ETF positioning.
- Charts show cooling short-term momentum, but the broader uptrend remains intact as $4,600 and $90 become the key “line in the sand.”
The precious-metals rally found its footing again on January 16, with both gold and silver stabilizing above the psychological levels that traders had spent the past week debating.
Gold hovered around $4,606 an ounce in early trade, while silver sat close to $91, a notable rebound in tone after Thursday’s sharp pullback.
TradingView snapshots around 08:00 UTC captured the mood. Gold was holding roughly $4,606 on both the daily and 4-hour views, while the weekly trend remained firmly upward.
Gold And Silver Stabilize Above Key Levels As Dip-Buyers Return After Pullback. (Photo Internet reproduction)
Silver was similarly steady: about $91.05 on the 4-hour chart, around $91.02 on the daily, and near $90.94 on the weekly view. In plain terms, the market did not collapse through support. It consolidated.
That distinction matters because the sell-off on January 15 looked less like a shift in conviction and more like a crowded trade taking a breather.
The previous session was dominated by profit-taking after records, helped by calmer signals on Iran and a reduced sense of immediate turmoil around the Federal Reserve.
But the longer-running drivers did not disappear in a day. Investors have continued to price in a softer U.S. policy path for 2026, and official-sector demand has remained a central pillar, highlighted by reported ongoing gold purchases from China’s central bank.
Gold And Silver Stabilize Above Key Levels As Dip-Buyers Return After Pullback. (Photo Internet reproduction)
ETF positioning also stayed heavy. Earlier figures showed SPDR Gold holdings at 1,074.23 tonnes, while iShares Silver holdings were reported in the mid-16,000-tonne range, alongside unusually elevated share turnover.
That kind of ownership base can exaggerate moves in both directions: it helps fuel surges, and it can also trigger fast, mechanical pullbacks when the trade gets crowded.
Technically, January 16 looked like a market catching its breath. Weekly momentum remains elevated, especially in silver, but shorter-term indicators cooled.
Gold’s 4-hour signals softened versus the daily uptrend, and silver’s 4-hour RSI sat below its higher weekly reading, consistent with consolidation after a spike.
For now, the message is simple. If gold holds $4,600 and silver holds $90 on dips, the bull trend remains orderly. If either level breaks decisively, volatility can return quickly.
