Gold (XAU) Silver (XAG) Daily Forecast: Can Gold Hold $2,900 as Fed Rate Cut Bets Rise?

Market Overview

Gold prices (XAU/USD) remained above $2,900 during the Asian session on Wednesday, consolidating near weekly highs as investors assessed the impact of U.S. trade policies and Federal Reserve rate expectations.

Despite a stronger U.S. dollar, demand for the metal stayed firm as traders anticipated multiple 25-basis-point rate cuts by the Fed this year in response to trade-related economic slowdown concerns.

“The uncertainty surrounding tariffs and their potential effect on global trade is reinforcing gold’s safe-haven appeal,” said a senior commodity strategist at ANZ.

The upcoming U.S. Consumer Price Index (CPI) report is expected to provide further direction, with markets closely watching inflation trends and the Fed’s policy stance.

Silver Holds Steady as Dollar Strengthens

Silver (XAG/USD) traded at $32.80, slightly above its intraday low of $32.73, as investors weighed mixed market signals. The metal faced pressure from a recovering U.S. dollar but remained supported by expectations of an easier Fed policy.

“Silver is in a consolidation phase, with price action closely tied to inflation data and broader risk sentiment,” noted analysts at Phillip Nova.

A stronger-than-expected CPI reading could bolster the dollar, limiting silver’s upside, while weaker inflation could reignite bullish momentum.

U.S. Dollar Recovery and CPI Data in Focus

The U.S. dollar rebounded ahead of the CPI release, recovering some overnight losses as traders positioned themselves for potential surprises in inflation data. The greenback’s recovery put mild pressure on gold, but broader economic concerns kept bullion’s demand intact.

Meanwhile, U.S. crude tariffs and persistent supply chain disruptions have raised concerns about stagflation risks, adding to gold’s appeal. Despite momentary pullbacks, analysts suggest any dip in gold prices will likely be seen as a buying opportunity rather than a trend reversal.

With markets on edge, traders await the CPI report, which could determine whether gold extends its rally or faces short-term consolidation.

Short-Term Forecast

Gold remains range-bound above $2,900, with key resistance at $2,938 and support at $2,898. Silver stays bullish above $32.71, but a drop below may trigger selling pressure.

Gold Prices Forecast: Technical Analysis

Gold is treading water at $2,915.95, barely moving as traders weigh economic uncertainty against Fed rate expectations. The pivot point at $2,921.62 is the key inflection zone—staying below it keeps the bias bearish, while a push higher could reignite bullish momentum.

Right now, gold faces immediate resistance at $2,938.78, with a stronger hurdle at $2,954.75. On the downside, $2,898.20 serves as key support, with $2,880.20 as the next safety net. The 50-day EMA at $2,908.34 and 200-day EMA at $2,899.49 suggest short-term downside pressure, but not a full breakdown.

Gold needs a decisive break above $2,921.62 for upside momentum—otherwise, expect further consolidation or a dip toward support.

Silver (XAG/USD) Price Forecast: Technical Outlook

Silver is hovering at $32.80, dipping 0.01%, as traders assess technical resistance and broader market sentiment. The pivot point at $32.71 is the key level to watch—staying above it supports a bullish outlook, while a break below could accelerate selling pressure.

Immediate resistance stands at $33.02, with a stronger barrier at $33.39. On the downside, $32.42 provides short-term support, with $32.04 as the next safety zone. The 50-day EMA at $32.45 and 200-day EMA at $32.16 indicate a supportive trend, reinforcing buyers’ control above the pivot.

For now, silver remains bullish above $32.71, but any weakness below this level could shift momentum toward key support levels.