Gold & Silver Daily Forecast: Will Gold Hold $2,740 Support?

Gold (XAU/USD) is holding near $2,740, trying to bounce back from its recent drop as the US dollar strengthens. The dollar index (DXY) is up after a five-week low, supported by inflation concerns due to President Trump’s tariff threats. These worries have pushed US Treasury yields higher, supporting the dollar and limiting gold’s rise.

Despite the dollar’s strength, markets still expect the Federal Reserve to cut rates twice by 2025, with Trump pushing for quicker cuts. If the Fed signals rate cuts, this could weaken the dollar and support gold.

Silver Struggles Amid Strong Dollar

Silver (XAG/USD) is trading around $30.06, facing pressure from the strong dollar. While silver often follows gold, it is more sensitive to industrial demand. Concerns over tariff hikes on metals and weak Chinese economic data are adding to silver’s struggles. If global growth slows, silver could face more downside.

Gold & Silver Technical Outlook

Gold is hovering near $2,740, struggling below resistance at $2,744.57. Support is at $2,716.49, with potential further declines to $2,696.69. If gold breaks above $2,744.57, it could rise to $2,762.49 and $2,786.30.

Silver is stuck around $30.06, facing resistance at $30.24. A break above $30.24 could push silver to $30.61, while continued selling could push it to $29.86.

Key Levels to Watch: