On January 7th, during the US stock market midday session, gold and silver both weakened. Traders are beginning to take profits, coupled with the fact that the two-year high levels are looming ahead, making it difficult for the bulls to avoid hesitation.

Specifically, for the market, February delivery gold futures are currently at 4467.2, down 28.9 points; March delivery silver futures are at 78.22, down 2.819.

From a technical perspective, gold faces heavy resistance. If the bulls want to continue pushing higher with the February contract, they need to break through the record high of 4584; meanwhile, bears are eyeing the strong support at 4200, and a break below could open further downside space. The first resistance is at 4512.4 (yesterday's high), followed by 4550; on the downside, the first support is at 4432.9 (today's low), then 4400.

The situation for silver is even more challenging — there is a potential bearish double top signal on the daily chart, which is not good news for the bulls. To turn the tide, the bulls need to close above the historical high of 82.67; bears have set their target at 69.225 (last week's low), and a breakdown could open the downside space. Recent resistance levels are around 79 and 80, with support at 75.7 and 75.

Overall, both assets are at a technical crossroads, and the subsequent breakout direction is crucial.