Precious Metals: (gold and silver) prices are currently consolidating ahead of high-stakes events on Friday. These events include the release of US inflation data, the US Federal Reserve’s interest rate decision, and a speech by US President Biden on his infrastructure spending plan.
- Gold Outlook: News of Silicon Valley Bank Takeover Soothes Markets
- Gold price needs fresh impulse from US PCE inflation, Chinese PMIs before bulls target higher levels.
- Silver price trend has been slower but more constant, bulls target $24.50.
These events could have a significant impact on the precious metals market, as inflation data and the Fed’s interest rate decision are closely watched by investors for signals on future monetary policy. Additionally, the infrastructure spending plan could have an effect on the US dollar and potentially impact the price of gold and silver.
Breakout in Gold and Silver
Technical indicators suggest a potential for a breakout in gold and silver prices, although this may be dependent on the outcome of the events on Friday. Overall, it seems that there is a high level of uncertainty and anticipation in the precious metals market in the lead-up to these events.
