## The Double Top of Silver Raises Concerns: Here's What Technical Charts Say

During the US session on Wednesday, January 7th, both gold and silver experienced downward pressure. Short-term traders took the opportunity to lock in profits, while the bulls remain cautious in the face of the strong technical barrier represented by historical highs.

The daily quotes speak for themselves: the February gold futures closed at $4,467.2 per ounce, down $28.9; the March silver futures lost $2.819, settling at $78.22 per ounce. A movement that indicates widespread caution in the precious metals market.

## When the Silver Chart Whisper a Bearish Warning

Analysis of gold trends and related charts reveals a particularly noteworthy element on the New York COMEX. The March silver futures contract is forming a potentially dangerous technical pattern for the bulls: an inverted double top. If prices fall below $69.255 per ounce—the lower of the two highs—the pattern would be confirmed, likely triggering a cascade of pre-set stop-loss sell orders.

Attentive traders are monitoring the next move. In case of a bearish confirmation, the first critical support is at $75.70, followed by $75.00. On the upside, immediate resistance is at $79.00, with a major obstacle at $80.00.

## Gold Remains Supported by Global Official Demand

While technical factors weigh on silver in the short term, gold's fundamentals continue to support the yellow metal. The Chinese People's Bank has continued its acquisition cycle, adding 30,000 ounces in December. Since November 2024, the institution has accumulated approximately 1.35 million ounces, equivalent to 42 tons.

This support from central banks, combined with geopolitical tensions and capital flows from bond markets into safe-haven assets, has allowed gold to record its best annual performance since 1979. A fundamental dynamic that contrasts with the technical volatility of recent weeks.

## Gold Chart: Crucial Levels for the Next Move

From a technical perspective, the February gold futures present clear reference levels. The most important psychological and technical barrier remains the contract high of $4,584.00 per ounce—a key achievement for the bulls. A close above this level would signal the continuation of a broader bullish trend.

In today’s session, immediate resistance is at $4,512.40 (yesterday's high), followed by $4,550.00. Short-term support is at today’s low of $4,432.90, with further protection at $4,400.00. A break below this level would open the way toward $4,200.00 for shorts.

## The Macro Context: Dollar and Treasury Still in Play

The US dollar index has experienced a slight strengthening, while oil continues to decline around $56.50 per barrel. US 10-year Treasury yields are around 4.15%, maintaining their influence on the dynamics of precious metals and overall gold chart performance.

For March silver, today’s movement has increased the likelihood of confirming the previously discussed bearish pattern. The historical resistance stands at $82.67 per ounce, while the critical support for bearish confirmation remains at $69.225.

Next session will be crucial: silver price action could also guide gold in the medium term.