Gold and silver prices are under short-term pressure, with external markets and geopolitical tensions being the main drivers of volatility.
2026-01-16 01:24:13
Gold and silver prices fell in early U.S. trading on Thursday (January 15). The market entered a consolidation phase later this week as a general consensus that the likelihood of a U.S. attack on Iran had decreased, leading to a slight easing of risk aversion. Additionally, President Trump stated that he would not fire Federal Reserve Chairman Powell. February gold futures were trading at $4,615.4 per ounce, down $20.3; March silver futures were trading at $91.345 per ounce, down $0.040.
Trump says Iranian government will stop repressing its people
President Trump reportedly stated that he received assurances from "the other side" that the Tehran government would cease its crackdown on the large-scale protests, thus potentially suspending any military action against Iran. On Wednesday, Trump told reporters in the Oval Office, "We've been informed that the crackdown in Iran has stopped—completely stopped." He claimed he learned of this decision "from very important sources" and said he would be "extremely unhappy" if the crackdown had continued. When asked if military action had been ruled out, Trump said he would "continue to monitor" and "see how things develop," adding, "But those who know the situation have given us very positive, very positive feedback." Bloomberg noted that the previous day, Trump had urged Iranians to continue protesting the government led by Supreme Leader Khamenei and vowed to "take appropriate action" after learning of the protesters' crackdown, also posting on social media that "aid is coming." His current stance shows a shift in tone.
Trump has made it clear that he will not fire Federal Reserve Chairman Powell.
Despite the Justice Department's investigation into the Federal Reserve's refurbishment project, President Trump insists he has no plans to fire Fed Chairman Jerome Powell. "I have no plans to do that," Trump stated on Wednesday. However, the president also indicated that it is not yet certain whether the investigation constitutes grounds for firing the Fed chairman, saying, "It's too early to draw conclusions." He said, "At this time, we are in a wait-and-see mode regarding him (Powell), and we will decide on specific actions later. But I cannot disclose further details."
The United States will temporarily refrain from imposing additional tariffs on rare earth minerals.
After months of assessment, the Trump administration concluded that foreign rare earth mineral imports did not pose a threat to U.S. national security and therefore decided not to impose new tariffs on critical mineral imports for the time being. According to Bloomberg, the Trump administration will instead negotiate agreements with foreign countries to "ensure the U.S. has an adequate supply of critical minerals and reduce supply chain vulnerabilities as quickly as possible." The president stated, "If a satisfactory agreement cannot be reached in a timely manner, appropriate import restrictions, such as additional tariffs, may be implemented."
US officials say the US and Greenland will reach a mutually beneficial agreement.
According to reports, US Ambassador to Belgium Bill White emphasized President Trump's commitment to NATO and stated that the US and Greenland are likely to reach some kind of mutually beneficial agreement. White said, "I believe President Trump and the Danish Prime Minister will establish a productive framework for cooperation that will make Greenland safer—both for NATO, Europe, and the US." Previously, senior Danish and Greenlandic diplomats held talks with US Secretary of State Rubio and Vice President Vance on Wednesday, but no breakthrough was achieved. Danish Foreign Minister Lars Løkke Rasmussen stated that "fundamental differences" remain between the two sides. Danish Prime Minister Mette Frederiksen stated that Denmark will continue to resist the US attempt to take over Greenland. The US's continued demands have sparked discontent and distrust among the people of Greenland and Denmark, with protests planned for Saturday in several major cities.
The People's Bank of China tends to implement an accommodative monetary policy.
The People's Bank of China (PBOC) has reportedly indicated that there is still room for further interest rate and reserve requirement ratio cuts, while simultaneously increasing targeted support for the economy by reducing the cost of structural lending tools. PBOC Vice Governor Zou Lan stated today that the central bank believes there is still "some room" for further reserve requirement ratio and interest rate cuts this year. The PBOC will lower the interest rate on structural monetary policy tools by 0.25 percentage points, and reduce the one-year interest rate on various relending tools from 1.5% to 1.25%. This policy will officially take effect next Monday. Bloomberg points out: "These measures demonstrate the PBOC's commitment to supporting the economy through targeted adjustments. In 2025, the central bank has only lowered policy rates by 10 basis points, far below the market's general expectation of a 40 to 60 basis point easing."
Key developments in external markets
In today's external markets, the US dollar index rose slightly; crude oil prices fell sharply, trading around $60.00 per barrel; and the benchmark 10-year US Treasury yield is currently at 4.136%.
Technical Analysis
Gold futures (February contract)
(COMEX Gold Daily Chart Source: FX678)
The bulls' next upside target is to push futures prices above the strong resistance level of $4,750.00; the bears' near-term downside target is to break futures prices below the solid technical support level of $4,400.00. The first resistance level is seen at Wednesday's all-time high of $4,650.50, followed by $4,675.00; the first support level is today's low of $4,584.50, followed by $4,550.00.
(COMEX silver daily chart source: FX678)
Silver futures (March contract)
Bulls hold a clear chart advantage, with the next upside target being to push futures prices above the strong technical resistance level of $100.00; bears' next downside target is to break futures prices below the solid support level of $80.00. The first resistance level is seen at the overnight all-time high of $93.70, followed by $94.00; the next support level is the overnight low of $86.125, followed by $85.00.
Note: The gold market operates primarily through two pricing mechanisms: the spot market, where prices are quoted for immediate purchase and delivery; and the futures market, which determines prices for future delivery. Due to year-end position adjustments and market liquidity, the most actively traded gold futures contract on the Chicago Mercantile Exchange (CME) is currently the December contract.
Trump says Iranian government will stop repressing its people
President Trump reportedly stated that he received assurances from "the other side" that the Tehran government would cease its crackdown on the large-scale protests, thus potentially suspending any military action against Iran. On Wednesday, Trump told reporters in the Oval Office, "We've been informed that the crackdown in Iran has stopped—completely stopped." He claimed he learned of this decision "from very important sources" and said he would be "extremely unhappy" if the crackdown had continued. When asked if military action had been ruled out, Trump said he would "continue to monitor" and "see how things develop," adding, "But those who know the situation have given us very positive, very positive feedback." Bloomberg noted that the previous day, Trump had urged Iranians to continue protesting the government led by Supreme Leader Khamenei and vowed to "take appropriate action" after learning of the protesters' crackdown, also posting on social media that "aid is coming." His current stance shows a shift in tone.
Trump has made it clear that he will not fire Federal Reserve Chairman Powell.
Despite the Justice Department's investigation into the Federal Reserve's refurbishment project, President Trump insists he has no plans to fire Fed Chairman Jerome Powell. "I have no plans to do that," Trump stated on Wednesday. However, the president also indicated that it is not yet certain whether the investigation constitutes grounds for firing the Fed chairman, saying, "It's too early to draw conclusions." He said, "At this time, we are in a wait-and-see mode regarding him (Powell), and we will decide on specific actions later. But I cannot disclose further details."
The United States will temporarily refrain from imposing additional tariffs on rare earth minerals.
After months of assessment, the Trump administration concluded that foreign rare earth mineral imports did not pose a threat to U.S. national security and therefore decided not to impose new tariffs on critical mineral imports for the time being. According to Bloomberg, the Trump administration will instead negotiate agreements with foreign countries to "ensure the U.S. has an adequate supply of critical minerals and reduce supply chain vulnerabilities as quickly as possible." The president stated, "If a satisfactory agreement cannot be reached in a timely manner, appropriate import restrictions, such as additional tariffs, may be implemented."
US officials say the US and Greenland will reach a mutually beneficial agreement.
According to reports, US Ambassador to Belgium Bill White emphasized President Trump's commitment to NATO and stated that the US and Greenland are likely to reach some kind of mutually beneficial agreement. White said, "I believe President Trump and the Danish Prime Minister will establish a productive framework for cooperation that will make Greenland safer—both for NATO, Europe, and the US." Previously, senior Danish and Greenlandic diplomats held talks with US Secretary of State Rubio and Vice President Vance on Wednesday, but no breakthrough was achieved. Danish Foreign Minister Lars Løkke Rasmussen stated that "fundamental differences" remain between the two sides. Danish Prime Minister Mette Frederiksen stated that Denmark will continue to resist the US attempt to take over Greenland. The US's continued demands have sparked discontent and distrust among the people of Greenland and Denmark, with protests planned for Saturday in several major cities.
The People's Bank of China tends to implement an accommodative monetary policy.
The People's Bank of China (PBOC) has reportedly indicated that there is still room for further interest rate and reserve requirement ratio cuts, while simultaneously increasing targeted support for the economy by reducing the cost of structural lending tools. PBOC Vice Governor Zou Lan stated today that the central bank believes there is still "some room" for further reserve requirement ratio and interest rate cuts this year. The PBOC will lower the interest rate on structural monetary policy tools by 0.25 percentage points, and reduce the one-year interest rate on various relending tools from 1.5% to 1.25%. This policy will officially take effect next Monday. Bloomberg points out: "These measures demonstrate the PBOC's commitment to supporting the economy through targeted adjustments. In 2025, the central bank has only lowered policy rates by 10 basis points, far below the market's general expectation of a 40 to 60 basis point easing."
Key developments in external markets
In today's external markets, the US dollar index rose slightly; crude oil prices fell sharply, trading around $60.00 per barrel; and the benchmark 10-year US Treasury yield is currently at 4.136%.
Technical Analysis
Gold futures (February contract)
(COMEX Gold Daily Chart Source: FX678)
The bulls' next upside target is to push futures prices above the strong resistance level of $4,750.00; the bears' near-term downside target is to break futures prices below the solid technical support level of $4,400.00. The first resistance level is seen at Wednesday's all-time high of $4,650.50, followed by $4,675.00; the first support level is today's low of $4,584.50, followed by $4,550.00.
(COMEX silver daily chart source: FX678)
Silver futures (March contract)
Bulls hold a clear chart advantage, with the next upside target being to push futures prices above the strong technical resistance level of $100.00; bears' next downside target is to break futures prices below the solid support level of $80.00. The first resistance level is seen at the overnight all-time high of $93.70, followed by $94.00; the next support level is the overnight low of $86.125, followed by $85.00.
Note: The gold market operates primarily through two pricing mechanisms: the spot market, where prices are quoted for immediate purchase and delivery; and the futures market, which determines prices for future delivery. Due to year-end position adjustments and market liquidity, the most actively traded gold futures contract on the Chicago Mercantile Exchange (CME) is currently the December contract.
- Risk Warning and Disclaimer
- The market involves risk, and trading may not be suitable for all investors. This article is for reference only and does not constitute personal investment advice, nor does it take into account certain users’ specific investment objectives, financial situation, or other needs. Any investment decisions made based on this information are at your own risk.
