Two Checkpoints in 48 Hours Could Decide Gold and Silver’s Next Move

Gold and Silver prices have entered a consolidation phase following a sharp rally, with Gold gaining roughly 7% over five sessions before retreating from a high of 4,697.07 and Silver pausing beneath 70.01. The current pullback is characterized as profit-taking rather than a structural trend reversal, underscored by strong institutional demand with gold-backed ETFs recording weekly inflows of approximately 47 tonnes (around $6.4 billion), marking a 10-month peak. Traders are focusing on two major macroeconomic catalysts over a 48-hour period. First, upcoming US economic releases—including July core PCE, durable goods, and revised Q2 GDP—will influence the Treasury yield channel. Lower yields following weak housing data have recently supported non-yielding bullion. Second, Federal Reserve Chair Kevin Warsh's keynote address at Jackson Hole will test the fiscal-credibility thesis underpinning the precious metals rally. From a technical perspective, Gold remains in a constructive posture as long as it holds above its 55-period 4H EMA near 4,509, with upside targets in the 4,770.73–4,966.14 resistance zone. Meanwhile, Silver maintains support along its ascending channel floor near 65, with an upside break above 70.01 exposing the 80.32 retracement level.