What to Watch Next
Gold and silver remain under pressure as high oil prices keep inflation high and the risk of a Fed rate hike in focus. Gold needs to break above $4,200 to ease bearish pressure while silver needs to clear $62-$63. A break below $4,070 could send gold towards $4,000. A break below $55 in silver could open the way for $50. In my view, the lower oil prices could ease the concerns about inflation and support a recovery in both metals.