Despite the strong surge in oil prices, the key support levels in gold at $4,400 to $4,500 and in silver at $72 are protecting the drop in gold and silver prices.
A break above 99.40 in the US dollar index and 4.60% in the US 10-year Treasury yields will keep the gold and silver prices under pressure.
Gold Price Forecast: Tests Key $4,400–$4,500 Support
XAUUSD Consolidates Between 50-Day and 200-Day SMAs
Gold prices consolidate between 50-day and 200-day SMAs. This consolidation range lies between $4,350 and $4,650. The 50-day SMA is flat which indicates that the gold price remains uncertain. This uncertainty stems from the uncertain conditions of the U.S.-Iran war.