Profit and excessive conditions affect money
The key factor behind the modest decline in gold is profitable as the daily chart shows slightly bought conditions. “The rapid rise in gold has made it vulnerable to pullbacks,” said a senior market analyst. Traders unleash some bullish positions as they wait for fresh catalysts, especially US economic data and policy signals for the Federal Reserve.
Despite the short-term dip, gold continues to find support from economic uncertainty, including trade tensions and inflation concerns. The latest World Gold Council report shows the highest weekly inflows into gold-backed ETFs since March 2022, signaling the ongoing demand for safe inventory assets.
Analysts suggest that gold is immediately resistant at $2,956.68 as long as the economic risks continue, and gold is resilient as long as it is supported at $2,903.22.
Under pressure, but retain the ground in anticipation of speed reduction
Silver also traded at $32.30 due to strong US dollars that are facing downward pressure and affecting demand. However, economic uncertainty and potential interest rate cuts by the Federal Reserve provided some support.
The Federal Reserve's attitude remains important
Market attention now focuses on the upcoming US Consumer Trust Index and Richmond Manufacturing Index, along with speeches from Federal Reserve officials.
Expectations for at least two interest rate cuts this year are maintaining the floor under gold and silver prices as lower interest rates increase the appeal of non-revenue metals.
