
Gold, silver shrug off a brutal macro stress test
A hawkish Fed, surging short-dated Treasury yields and a firmer dollar failed to deliver the kind of damage usually seen in precious metals.
Stay in step with market opportunities and get insights, actionable trade ideas and dedicated support.

A hawkish Fed, surging short-dated Treasury yields and a firmer dollar failed to deliver the kind of damage usually seen in precious metals.

Gold and silver are feeling the full force of surging US yields, but the dollar’s failure to join in may be saving them from an absolute drubbing.

Gold and silver remain unusually sensitive to US dollar direction, with US inflation data and elevated risk of disorderly carry trade unwinds in focus for traders over the remainder of the week.

The US dollar was hammered after Treasury moved to support longer-dated bonds, sending gold and silver sharply higher. It may be premature to declare the debasement trade back, but the embers are glowing.

Precious metals are rangebound, the dollar is hanging tough and traditional macro signals have turned messy. The FOMC minutes may help determine which side breaks first.

Precious metals have exploded higher over the past week, with gold and silver delivering moves rarely seen over comparable periods. Technical breakouts and softer macro headwinds are now working in the bulls’ favour.

Silver breakout above the June to August range is riding on fresh optimism over a potential US-Iran deal, though the move is not yet confirmed.

Gold, Silver Price Forecast: Gold and silver remain above major long-term support ahead of the Fed decision. Explore key technical levels, the DXY outlook, and bullish and bearish scenarios.

Gold, Silver Price Forecast: Gold and silver remain above major long-term support ahead of the Fed decision. Explore key technical levels, the DXY outlook, and bullish and bearish scenarios.

Razan Hilal, FOREX.com Market Analyst, examines the U.S. Dollar Index, gold and silver as rising rate expectations and dollar strength push precious metals toward historically significant technical levels. She explains the key price zones that could determine whether gold and silver extend their declines or establish long-term buying opportunities, and why the next major move may depend on the direction of the U.S. dollar.

Gold and Silver Price Forecast: Gold and Silver face mounting downside risks as the US Dollar Index tests a breakout above 101.20 and Fed rate hike expectations climb above 50%. Explore key scenarios

Nasdaq and Silver Price Outlook: Markets remain cautiously optimistic ahead of the FOMC as Hormuz optimism offsets inflation and dollar strength.

GBPUSD tests the critical 1.33 support zone while silver challenges 65 amid shifting geopolitical sentiment. Explore key support levels, resistance zones, and bullish and bearish scenarios.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.