The yellow metal is down 0.7% today to around $2,002 at the moment, with the $2,000 mark now coming back into focus. That was where the Friday low held as buyers continue to try and look for further upside momentum – especially to try and get above the 2020 and 2022 highs around $2,070-75.

While a break back under $2,000 would be a blow to buyers, there is still some semblance of support around $1,975-81 for now and that will be a key spot to eye in case sellers try to make a move.

The drop in gold in the past few days comes as we see the dollar make a bit of a stand again with markets perhaps having hoped for a softer US CPI report to push the Fed pivot agenda.

I shared some thoughts here and there is very much a wait and see period in markets at the moment, as we await the next big data to validate or shift the prevailing narrative.

So far this week, gold isn’t really the most interesting chart among precious metals as silver is dealing with another 1.5% drop following yesterday’s sharp decline:

It is an interesting technical move after a bit of a double top pattern just above $26.00 and then the break of short-term support around $24.50-56 yesterday.

The 100-day moving average (red line) is next in line at $23.39 currently.

This article was written by Justin Low at www.forexlive.com.

That will take the bank rate to 4.75%, although markets are pricing in the peak to be around 4.84% at the moment. One more rate hike is almost a given but a push towards 5.00% is still very much hanging in the balance – depending on inflation and economic developments in the UK.

This article was written by Justin Low at www.forexlive.com.