Oil prices steady amid Trump–Greenland tensions, precious metals surge to new record highs

Overview

This report provides an expert-level analysis of the main commodities—WTI crude oil (CL=F), Brent crude oil (BZ=F), gold (GLD), and silver (SLV)—as of January 20, 2026. The analysis integrates current price data, technical trends, and the impact of key geopolitical developments, offering a concise outlook for each commodity in the short term.

Technical Analysis

WTI crude oil is currently priced at $58.7 per barrel, testing key support levels around $59. The technical charts indicate a potential bearish reversal pattern in the short term, with the Relative Strength Index (RSI) hovering at 54, suggesting neutral-to-bullish momentum. If support is breached, prices may trend toward $57.

Brent crude oil trades at $63.4 per barrel, below its 200-day moving average. Resistance levels are noted at $63.7 and $65.5, while the RSI remains at 54, indicating market indecision. Technical signals point to a range-bound outlook with a possible downside if support levels are not maintained.

Gold is currently trading at $4.48K per ounce, near its late December record of $4.55K. The commodity displays strong bullish momentum, supported by recent price action and robust technical indicators.

Silver is trading between $72.75 and $82.75 per ounce. Despite recent pullbacks, silver remains the most bullish commodity according to technical analysis, continuing its strong performance trend from the past year.

Latest News and Events

Recent geopolitical developments have significantly influenced commodity markets. In June 2025, Iranian retaliatory strikes and threats to restrict access through the Strait of Hormuz led to a sharp 4.4% in Brent crude prices, peaking at $76.45. The Russia-Ukraine conflict further contributed to volatility, as Ukrainian drone strikes disrupted 10% of Russia's refining capacity in August 2025. OPEC+ members, including Russia, Kazakhstan, and Iraq, have responded with additional output cuts to stabilize the market amid fluctuating demand.

On the precious metals front, gold reached $4.29K per troy ounce in December 2025, achieving over 50 all-time highs and generating a 60%. This rally was driven by geopolitical and economic uncertainties, a weaker US dollar, and consistent central bank buying. Silver also experienced robust gains, briefly hitting an all-time high of $64.66 and posting a 106.89% year-on-year increase, thanks to surging industrial demand in electronics, solar energy, and electric vehicles, combined with constrained supply.

Short-Term Outlook

WTI crude oil may face further downward pressure if critical support is breached, potentially moving toward $57, as geopolitical risk premiums begin to wane and technical patterns suggest a possible reversal. Brent crude oil is expected to remain range-bound, with downside risk if support levels fail to hold, due to easing tensions and output management by OPEC+.

Gold’s upward trajectory is likely to persist in the short term, underpinned by ongoing global uncertainties and robust demand from both investors and central banks. Silver’s bullish trend is expected to continue, supported by strong industrial demand and its dual role as a monetary and industrial metal.

Conclusion

In summary, commodity markets remain highly sensitive to geopolitical developments and technical signals. While oil prices are currently experiencing downward or range-bound pressures amid stabilizing geopolitical factors and coordinated supply management, precious metals—particularly gold and silver—continue to demonstrate strong bullish momentum, driven by macroeconomic uncertainties and rising industrial demand. This environment suggests that precious metals may offer more favorable short-term prospects compared to energy commodities, though all markets remain subject to rapid changes in response to global events.

Please note that the analysis is for informational purposes only and does not constitute financial advice. Users should conduct their own research.