On comparative evaluation of reversal rally after a steep fall, seen in , , and futures on January 30, 2026, started soon after testing their lows on Feb.2, 2026, amid surging whispers on U.S.-Iran tension, resulted in a gap-up by the futures on Feb.3, 2026.
But on Feb.4, gold futures have started to deviate from the path of recovery, as the gold futures, after starting the day at $4,968.56 tested the day’s high at $5,113.50 found extensive selling pressure even below the immediate resistance at $130.50, despite maintaining post-reversal rally even after opening above the significant resistance at the 9 EMA ($4,945), have started to meltdown and currently trading at $5005.
Undoubtedly, this degree of regression seems different from the silver and copper futures at this time, as the silver futures, after starting the day at $84.457, tested the day’s high at $92.003, and the day’s low at $84.300, are trading at $62.157 after finding stiff resistance at the 9 EMA ($91.507 today.
On the other hand, copper futures, despite starting the day on Feb.4, 206 even above the significant support at the 9 EMA ($5.956) with day’s opening at $6.084, tested the day’s high at 6.109, and the day’s low at $5.995, are trading at $5.967 are, showing a steep fall of 1.87%.
These moves by the gold, silver, and copper futures are indicating a surge in deviation on Feb.4, even before the meeting between the U.S. and Iran diplomates on Friday in Istanbul.
On the other hand, the spot gold and silver ratio, being an indicator due to its inverse correlation with gold and silver futures, has started to reverse after testing the day’s low at 58.81, currently at 55.97.
The currently prevailing technical scenario looks evident enough for the advent of a meltdown in gold and silver futures, which might have started even before the meeting between the diplomats of both the U.S. and Iran on Feb.5 at Istanbul.
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Disclaimer: Readers are advised to take any position in gold, silver, and copper futures at their own risk, as this analysis is based only on observations.
