Gold and silver continue to struggle, with important US data to be released later this week

Gold and silver analysis, prices and charts

• The latest Fed rate forecasts call for a rate cut of six quarter points this year.
• Gold and silver are struggling, but their declines have been contained for now.

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Most read: Gold and Silver Weekly Forecast: Easing Interest Rate Cuts Headwind

The latest survey of US interest rate forecasts shows that the first six quarter-point rate cuts are now priced in May, compared to the first seven quarter-point rate cuts in March last week. It has been shown that

The interest rate-sensitive UST two-year bond yield has risen from 4.14% to its current level of 4.40% over the same period, underscoring restraint in rate cuts ahead of next week’s FOMC meeting.

UST 2 Year Daily Yield Chart

There are three U.S. economic data releases this week: the first U.S. Q4 GDP report on Thursday, the latest durable goods release, and the core PCE report on Friday. The Fed will be watching all of this closely ahead of next week’s FOMC meeting.

For all economic data releases and events, please visit DailyFX Economic Calendar

Gold prices currently hover around $2,000 per ounce. – Within the $2,040/oz trading range and likely to remain there until data release. A series of lows and highs continues to support the precious metal, but current price action on either side of the 20-day and 50-day simple moving averages obscures the issue for now. Below this, there is preliminary support at $1,987 per ounce. For fun.

gold daily price chart

Charts by TradingView

According to individual trader data, the long-to-short ratio of traders is 1.45 to 1, with 59.13% of traders being net long. The number of net long traders is down 7.39% from yesterday and 3.25% from last week. Traders’ net short is 2.08% lower than yesterday and 5.86% lower than last week.

See how daily and weekly changes in IG Retail Trader data affect sentiment and price trends.

Silver is rising today after several weeks of declines starting in late December. Silver fell below $22 an ounce. After briefly falling on Monday, hitting multi-week lows, it rebounded today to trade around 1.1% higher during the session. Silver’s chart remains weak, recording short-term highs and lows, while the CCI indicator shows the precious metal is in oversold territory. The series of lows around $20.71 reached in early October may still be under threat.

silver price daily chart

what is your view gold and silver – Bullish or Bearish?? Let us know using the form at the end of this article or contact the author via Twitter. @nickcawley1.