Gold and Silver managed to recover toward the end of the week despite broad-based US Dollar strength. Further upside looks likely, but a host of technical hurdles may prove a difficult hurdle for the commodities to navigate.
The US Fed meeting was the focus this week and the Fed certainly did not disappoint. An upgrade to the Fed projections saw the Central Bank send a hawkish message as it changed its forecast for rate cuts in 2024, 100bps priced in June down to 50bps at this week’s meeting. At the same timeThe whipsaw price action and volatility hit Gold prices hard with a +-$30 decline to a weekly low print of $1913.
The second half of the week we have GDP numbers which is expected to be revised slightly higher toward 2.2% from the previous estimate of 2.1%. However, the main event for next week will be the Fed’s preferred gauge of inflation the US PCE data which will give a better idea of the inflation picture. This one will be particularly intriguing given the uptick in headline inflation in the US.
We do also have a couple of Fed speakers on the docket which could stoke some short-term volatility. Without any material change there is a real chance we could see Gold and Silver prices remaining rangebound for the foreseeable future.
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