Taking profit and overboughteconditions influence gold
An important factor behind the modest decline of Gold is taking a profit, because the daily graph shows somewhat overbought conditions. “The rapid climb of Gold made it vulnerable for a pullback,” noted a senior market analyst. Traders relax some bullish positions while waiting for new catalysts, in particular the US economic data and policy signals of the Federal Reserve.
Despite the short -term dip, gold continues to find support from economic uncertainties, including trade tensions and inflation problems. The newest World Gold Council report showed the highest weekly inflow into Gold-Backed ETFs since March 2022, indicating the constant demand for safe port activa.
Analysts suggest that gold remains resilient for as long as the economic risks persist, with immediate resistance to $ 2,956.68 and support for $ 2,903.22.
Silver under pressure but holds soil in the midst of speed reduction the expectations
Silver was also confronted with downward pressure and traded at $ 32.30 because of the stronger US dollar that influences the question. However, economic uncertainty and expectations of potential interest rates by the Federal Reserve offered some support.
The position of the Federal Reserve remains crucial
The market attention is now focused on the upcoming US Consumer Confidence Index and the Richmond Manufacturing Index, together with speeches by Federal Reserve officers.
Expectations of at least two cutbacks this year keep a floor under gold and silver prices, because lower interest rates improve the attraction of non-return noble metals.