#Gold Price News & Insights Today 31-1-2026 - Technical analysis of the gold market, focusing on support and resistance zones. Video by MCO Global Equities & Commodities.
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As of January 31, 2026, gold prices are currently stabilizing after a dramatic and historical market "crash" on January 30. After surging to a record peak of $5,602 earlier this week, spot gold plummeted nearly 9% to 12% in its worst one-day rout since 2013, closing Friday's active sessions near $4,890–$5,100 per ounce. Despite this volatility, gold remains up approximately 16% to 20% for the month of January, marking its strongest monthly performance in decades.
Market Overview
-The "Warsh" Shock: The primary catalyst for the sudden reversal was the report that the Donald Trump administration would nominate Kevin Warsh to succeed Jerome Powell as Fed Chair. Markets interpreted this as a signal for a more hawkish Federal Reserve, triggering a rebound in the US Dollar and massive profit-booking from overbought levels.
-Geopolitical Safe Haven: Demand remains underpinned by severe geopolitical tensions, including the recent US capture of Venezuelan President Nicolas Maduro, which initially propelled gold toward the $5,000 mark earlier in the month.
-Central Bank Activity: Record central bank buying remains a structural tailwind. Institutions in Poland, Brazil, and China continue to add to reserves, providing a long-term price floor even amid speculative sell-offs.
Technical Outlook
- Immediate Support: Analysts are watching key support levels at $4,750–$4,980 to see if the broader uptrend remains intact.
-Resistance: Resistance is firmly placed at the recent all-time high of $5,600.
-2026 Forecasts: Despite the crash, many institutional targets for 2026 remain bullish. UBS recently raised its forecast to $6,200 per ounce, while some AI models speculate on a climb toward $10,000 by April 2026 if the "anti-fiat" rally intensifies.
-Upcoming Events: Investors are braced for the 2026 Indian Union Budget on Sunday, February 1, which could trigger fresh volatility in domestic gold and silver markets.
