A StoneX market analyst argues that gold and silver have turned technically fragile as rising U.S. bond yields and a stronger dollar pressure both metals. He maps downside support levels for each, but still frames any rebound as possible if key support zones hold and price recovers prior breakout areas.
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Raan Hilal, a market analyst with Forex.com speaking from Dubai, says gold and silver are both under pressure because U.S. bond yields and the U.S. dollar index are breaking higher, while higher inflation expectations tied to energy market recovery are supporting the broader bond backdrop. For gold, he says the daily chart is retesting a trend line of lower highs from March 2026 and is sitting on a critical support zone around 4,550-4,500. A breakdown there, in his view, could extend the decline toward 4,300-4,360, then potentially toward 3,800, which he links to October 2025 lows and a possible long-term buying area. …
Tactically bearish for gold and silver while U.S. yields and the dollar continue to break higher; watch the stated support bands for failure or a quick rebound trigger. The immediate risk is a continuation flush, but a reclaim of the broken levels could force a squeeze.
Over the next few weeks, the metals likely stay range-to-lower unless gold and silver recover the lost breakout areas and turn them into support. A sustained move back above the reclaim levels would argue the pullback is corrective rather than the start of a broader reversal.
Structurally, the speaker still treats both metals as being inside larger secular uptrends, with decades-old and multi-month trend lines framing the thesis. If the long-horizon support zones fail, the implication would be a deeper regime shift from bull-market consolidation to a more consequential corrective phase.
Gold and silver have fallen more than 100 points and are now back at key support levels.
Opening statement frames the metals as dropping sharply and testing support.
Rising U.S. bond yields and a stronger dollar are pressuring precious metals.
The speaker explicitly ties the move in gold and silver to yields and the dollar index breaking higher.
Gold is retesting a descending trend line from March 2026 that separates bullish continuation from bearish continuation.
He describes a lower-high trend line as the defining barrier on the daily chart.
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