Precious Metals Talking points 062926: StoneX weekly gold, silver round-up; gold suffers the Death Cross
Politics, economic, geopolitics and investor sentiment
Rhona O'Connell
- Precious Metals
Gold Shows Structural Support as Silver Volatility Persists
By: Matt Simpson, Market Analyst
As of January 2026, unprecedented volatility in precious metals has forced traders to reassess whether sharp selloffs signal trend reversals or simply exhaustion within a broader range. Gold and silver both recorded their widest monthly trading ranges in decades, creating technical damage but also exposing meaningful differences in market structure. While silver continues to swing aggressively, gold prices are holding key levels that suggest downside pressure may be stabilising. This divergence is shaping expectations for how each metal may behave through the near term.
Matt Simpson, FOREX.com Market Analyst, has tracked precious metals price behaviour through multiple volatility regimes and macro cycles. His focus on multi-timeframe structure and options positioning gives him a practical edge in assessing when volatility signals trend change versus consolidation.
Key Themes
- Gold prices are holding above prior swing highs despite record monthly volatility.
- Silver remains more technically fragile following a sharp selloff and partial rebound.
- Structural positioning matters more than headline volatility in near-term price outlooks.
Watch the Full Video
Discover Actionable Insights with the latest Market Outlook ReportsGold Price Structure Limits Downside Risk
Gold price action is showing signs of technical resilience despite January’s extreme volatility. Simpson notes that gold’s recent pullback has “held over the December high”, a level that now acts as structural support rather than resistance. This behavior suggests selling pressure has failed to break the broader bullish framework. Consequently, gold may be better positioned for consolidation or a modest rebound rather than a sustained breakdown.
Silver Volatility Exposes Structural Fragility
Silver price behavior remains more vulnerable following an aggressive selloff and uneven recovery. Simpson describes the rebound as a “classic dead cat bounce”, warning that silver is still “trying not to roll over further” after its sharp decline. Unlike gold, silver has struggled to re-establish stable support levels. As a result, silver is likely to remain more sensitive to volatility spikes and liquidity shifts in the near term.
Sign up for the latest Market Outlook Reports
From detailed guides on how to trade major assets to quarterly market outlooks and special reports, we offer FREE access to the articles you need to successfully implement "global macro" style trading!
Sign Up See our financial videos hub
--- Written by Lindo Xulu, StoneX TV Journalist
--- Expert: Matt Simpson, Forex Market Analyst
- Precious Metals
The subsidiaries of StoneX Group Inc. provide financial products and services, including, but not limited to, physical commodities, securities, clearing, global payments, risk management, asset management, foreign exchange, and exchange-traded and over-the-counter derivatives. These financial products and services are offered in accordance with the applicable laws in the jurisdictions in which they are provided and are subject to specific terms, conditions, and restrictions contained in the terms of business applicable to each such offering. Not all products and services are available in all countries. The products and services offered by the StoneX Group of companies involve risk of loss and may not be suitable for all investors. Full Disclaimer. This content is not intended for residents of any particular country, and the information herein is not advice nor a recommendation to trade nor does it constitute an offer or solicitation to buy or sell any financial product or service, by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Please refer to the Regulatory Disclosure section for entity-specific disclosures. No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior written consent of StoneX Group Inc. The information herein is provided for informational purposes only. This information is provided on an ‘as-is’ basis and may contain statements and opinions of the StoneX Group of companies as well as excerpts and/or information from public sources and third parties and no warranty, whether express or implied, is given as to its completeness or accuracy. Each company within the StoneX Group of companies (on its own behalf and on behalf of its directors, employees and agents) disclaims any and all liability as well as any third-party claim that may arise from the accuracy and/or completeness of the information detailed herein, as well as the use of or reliance on this information by the recipient, any member of its group or any third party.
© 2026 StoneX Group Inc. all rights reserved.
Discover more insights
Our subscribers have access to comprehensive market analysis from StoneX spanning commodities, equities, currencies and more.
Related articles for Precious Metals
Precious Metals Talking points 062626: Presentation to IPMI on macro and demand outlook for PGM
Politics, economic, geopolitics and investor sentiment
Rhona O'Connell
- Precious Metals
Why Falling Oil and Lower Yields Are Doing Nothing to Stop Gold's Drop
Gold has fallen to a seven-month low as a surging U.S. dollar and Federal Reserve rate hike expectations dominate trader sentiment. Falling oil prices and lower Treasury yields are providing no relief, leaving precious metals exposed to further losses below key technical levels.
Editorial Team
- Precious Metals
StoneX: We open markets
Our market expertise, advanced platforms, global reach, culture of full transparency and commitment to our clients’ success all set us apart in the financial marketplace.
Reach
With access to 40+ derivatives exchanges, 180+ foreign exchange markets, nearly every global securities marketplace and numerous bi-lateral liquidity venues, StoneX’s digital network and deep relationships can take clients anywhere they want to go.
Transparency
As a publicly traded company meeting the highest standards of regulatory compliance in the markets we serve; our financials and record of accomplishment are matters of public record. StoneX’s commitment to “doing the right thing over the easy thing” sets us apart in the industry and helps us build respect, client trust and new partnerships.
Expertise
From our proprietary Market Intelligence platform, to “boots on the ground” expertise from award-winning traders and professionals, we connect our clients directly to actionable insights they can use to make more informed decisions and achieve their goals in the global markets.