GOLD AND SILVER OUTLOOKS AND CHARTS
- US inflation is the next driver of price action.
- US rate cut expectations pared further.
The recent re-pricing of US interest rate cuts continues to weigh on gold and silver, dampening demand for the previously high-flying commodities. The latest market forecasts show the first 25 basis point US rate cut is now fully priced for the December meeting, although the November meeting remains in play. Strong US economic data of late gives the Fed additional wiggle room to keep rates higher for longer as the US central bank continues its battle with stubbornly sticky inflation.
After printing a fresh multi-decade high on May 20th, gold has fallen by over $100/oz. on further Fed speculation of higher rates and strong economic data. Short-term US Treasury yields remain elevated, keeping downward pressure on gold and silver, and unless Friday’s PCE data surprises to the downside, both gold and silver may struggle to move higher. In the case of any further sell-off, gold should find initial support at around $2,280/oz.
GOLD DAILY PRICE CHART
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