Gold and silver slide as oil and inflation worries weigh
Precious metals sold off sharply on Thursday as tensions around the Strait of Hormuz pushed oil higher and renewed concerns about inflation and further Fed tightening.
Gold closed near $4,023.30, down 2.83%. Silver fell to $54.47, down 5.85%. Easing Treasury yields and a tech-led equity selloff weren’t enough to bring sustained safe-haven buying.
CPI and PPI have both come in hot. With the Fed in its blackout period, Friday’s flash PMIs (9:45 a.m. ET) and University of Michigan sentiment (10:00 a.m. ET) are the next data points to watch.
Levels to keep an eye on :
🥇Gold: It has slipped below $4,038; next support is near $4,000. Resistance sits at $4,068–$4,079.
🥈Silver: It has also fallen below $54.75, leaving downside risk open. Resistance is at $55.41–$56.34.
Softer data could ease yield pressure and help metals stabilize. Stronger readings, alongside elevated energy prices, may keep them under pressure. Watch the data and oil headlines, and size positions carefully.
Cash is a position. NFA.
TRADE $XAU - $XAG HERE👇
Precious metals sold off sharply on Thursday as tensions around the Strait of Hormuz pushed oil higher and renewed concerns about inflation and further Fed tightening.
Gold closed near $4,023.30, down 2.83%. Silver fell to $54.47, down 5.85%. Easing Treasury yields and a tech-led equity selloff weren’t enough to bring sustained safe-haven buying.
CPI and PPI have both come in hot. With the Fed in its blackout period, Friday’s flash PMIs (9:45 a.m. ET) and University of Michigan sentiment (10:00 a.m. ET) are the next data points to watch.
Levels to keep an eye on :
🥇Gold: It has slipped below $4,038; next support is near $4,000. Resistance sits at $4,068–$4,079.
🥈Silver: It has also fallen below $54.75, leaving downside risk open. Resistance is at $55.41–$56.34.
Softer data could ease yield pressure and help metals stabilize. Stronger readings, alongside elevated energy prices, may keep them under pressure. Watch the data and oil headlines, and size positions carefully.
Cash is a position. NFA.
TRADE $XAU - $XAG HERE👇
