If 2025 was volatile for metals, 2026 is starting with even greater intensity.

The global order is fracturing as historic allies clash and new conflicts appear imminent.

For metal maximalists, this confirms a long-held thesis. Decades of high deficits create predictable capital flows and supply shortages, which are now driving prices to daily records.

As geopolitical tensions rise, investors are rushing to commodities to hedge against supply shortages and inflation, a classic play.

Metals performance in 2026 – Source: TradingView

But today's flows feel different.

It is almost impossible to predict tops in such extreme, unidirectional trends. Some periods can be more favorable for squeezes. Some others are more favorable for rangebound conditions and selloffs.

And such periods tend to change at the beginning of the New Year, at the start of Quarters, Months, or even after FOMC meetings.

As the US President announced he will officially announce his decision on the Fed Chair next week, Markets are looking back at yesterday's Federal Reserve decision.

Higher rates for longer will be the way to go for the Fed until anything cracks, as the US Labor Market bounced back and the US economy is shining – Can't justify many cuts with that.

Today marked a brutal stalling in rallies throughout the Metals asset class.

Gold was trading 6% higher than the day before the FOMC, only to give up those gains in a 10% flash crash.

Similar flows occurred in Copper, Silver, Palladium, and Platinum, all dropping by 9% to 11%.

By the way, Copper spiked to new record highs in yesterday's evening session, reaching $6.52 per lb, but still lacking a more fundamental foundation to persistently elevated prices.

In the meantime, let's dive right into intraday timeframe analysis for Gold (XAU/USD), Silver (XAG/USD) and Copper (XCU/USD) to spot where the session dynamic takes the price action. Is the trend challenged?

Gold (XAU/USD) 2H Chart and levels

Gold (XAU/USD) 2H Chart, January 29, 2026 – Source: TradingView

This morning's action could pose a significant test to the 30% yearly run in the Bullion.

The current fundamentals are heavily backing the recent rise, particularly as it is far less extreme than the one seen in Silver for example.

Still, when profit-taking occurs so suddenly, traders can look around, question the current state of the Market and reassess if the trend can still hold.

Since the flash, prices have rebounded – Hence look at these two levels:

Higher Timeframe Levels to watch for Gold (XAU/USD):

Resistance Levels:

Support Levels:

Silver (XAG/USD) 2H Chart and levels

Silver (XAG/USD) Weekly Chart, January 29, 2026 – Source: TradingView

Evolving in a steep upward channel, Silver is testing its upper bound in high volatility consolidation.

Prices have maintained within a $107 to $120 range since Monday, hence trades will look for breakouts either to the upside or downside for future action.

Similarly as in Gold, look for a candle close above or below with high volumes to get confirmation.

A break lower could go test the Upward channel lower bounds, currently around $92.

Higher Timeframe Levels to watch for Silver (XAG/USD):

Resistance Levels:

Support Levels:

Copper (XCU/USD) 2H Chart and levels

Copper (XCU/USD) 2H Chart, January 29, 2026 – Source: TradingView

The recent moves are not particularly indicative of a trend-end but recent up and down action may precede doubts to the sustainability of the recent moves.

Copper spiked by 10% during overnight trading, corrects by a similar amount and is now holding tight at its January 14 record range ($6.00 to $6.10 Major Pivot).

Current ATH Resistance $6.40 to $6.50

Higher Timeframe Levels to watch for Copper (XCU/USD):

Resistance Levels:

Support Levels:

Watch out for positioning and fast-paced moves!

January is already coming to an end and it has historically been the best month for Gold, Silver and Platinum. Keep a close eye to see if the rally holds the colder February ahead.

Safe Trades!

Source: MarketPulse by OANDA Group