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Gold and silver remain under pressure as a stronger US Dollar and higher interest rate expectations limit recovery, while both metals trade near key technical levels that could determine the next major move.
Forex
The short‑term Elliott Wave outlook in Gold (XAUUSD) indicates that the rally to $4204 marked the completion of wave ((B)), after which the metal turned lower in wave ((C)). The internal subdivision of wave ((C)) is unfolding as a five‑wave structure.
Gold recently reversed from the resistance area located at the intersection of the resistance level 4210.00 (top of wave i from the start of July), resistance trendline from February and the 50% Fibonacci correction of the downward impulse from June.
Euro rises as US Dollar weakens despite rising Middle East tensions
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Gold slumps to near $4,050 as Middle East conflict fuels inflation worries
EUR/JPY extends rally as ECB hike buzz tests Yen risks
The US Dollar to Canadian Dollar exchange rate is trading around 1.4082, little changed on the day after easing from levels above 1.42 earlier in July. The pair reached a monthly low near 1.4004, having previously climbed to a 2026 high around 1.4248 in June.
GBP/JPY Price Forecast: Holds 218 floor as bulls eye 219 breakout
Is China attempting to wrest control of Gold pricing from the paper-dominated west?
Bond market regime change could reshape Gold investing for years ahead [Video]
When I looked at gold in the Tuesday webinar I shared what bulls were going to need to do to take back control of the market. There were two hurdles that needed to be jumped, with each at psychological levels sitting overhead.
Russia continues to sell Gold to support its economy
Silver's missing crisis trade: Why a war keeps pushing it down
Silver Price Forecast: XAG lower highs structure holds, bears eye $55
AUD/USD Price Forecast: Bulls struggle below the 50-day SMA
The Strait of Hormuz has closed twice this year, and both times silver fell instead of rallying, because the crisis bid went into the US dollar rather than into metals.
Gold losses its bright, tumbles as sellers target $4,000
Markets continue to follow the roadmap we've been discussing over the past few sessions.
Precious metals markets are under strong pressure as traders focus on inflation risks.
