Gold rose to a record high of $ 2,942.78 before he withdraws, so that the concern was expressed that the rally had been overheated. The RSI remains in Overboughtitorium, and the price increase between spot gold and the 50-day advancing average suggests that further disadvantage is possible.
Silver often reflects Gold’s movements, and a deeper correction in gold can speed up the sale in silver. If gold sees a confirmed Beararish reversing pattern, silver may have difficulty maintaining its current support levels, especially if technical traders follow Gold’s lead and reduce positions.
Powell’s witness and tariff uncertainty weigh on markets
The policy views of the Federal Reserve remain an important engine for precious metals. Powell’s witness from the congress will be closely analyzed for signs of inflation and interest in the interest. Because inflation is still above the target of the FED, any indication of long -term tariff stability can strengthen the dollar and pressure silver.
In the meantime, Trump’s 25% rates for steel and aluminum input have re -pronounced concern about the rising costs. If Powell recognizes the inflationary risks of rates, traders can shift the expectations to a more ragged Fed, which can have a negative influence on silver and gold. However, if Powell finds a cautious tone and emphasizes patience, silver can find renewed support.