Gold and silver begin the week on the back foot but CPI may provide the catalyst this week after prior prints remained stubbornly high. Silver respects resistance zone
30-day implied volatility revealed a lift higher and still remains relatively elevated. Current levels, however, fall some way short of the panic which ensued when US regional banks got into trouble back in March 2023.Gold has witnessed a noticeable drop on the first trading day of the week – which isn’t all that surprising seeing that US CPI is due on Wednesday and Jerome Powell speaks on Tuesday.
Should bears bring down gold prices from here, $2,319.50 presents the immediate level of support, followed by the swing low at $2,277. Upside targets appear at the resistance zone around $2,360 and trendline resistance. The next level of significance to the downside emerges at the 78.6% Fibonacci retracement , followed by the swing low at $26.00. The RSI also appears to have rounded, heading lower for now. Upside targets would require a new catalyst and US inflation may help it get there but early estimates assume cost pressures will show further signs of easing in April, which may weigh on the precious metal. Resistance remains at $28.40 with the all-time high of $29.
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