Gold Consolidates, Silver Continues To Outperform, US Inflation Data Key

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5/28/2024 5:23:48 AM

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May 28, 2024 Gold Consolidates, Silver Continues to Outperform, US Inflation Data Key May 26, 2024 Markets Week Ahead: Gold, EUR/USD, GBP/USD, USD/JPY; Eurozone Inflation, US Core PCE May 25, 2024 Gold Price Forecast: Bearish Bias in Place for Now but Core PCE Data Holds Key
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May 28, 2024 Gold Consolidates, Silver Continues to Outperform, US Inflation Data Key May 26, 2024 Markets Week Ahead: Gold, EUR/USD, GBP/USD, USD/JPY; Eurozone Inflation, US Core PCE May 25, 2024 Gold Price Forecast: Bearish Bias in Place for Now but Core PCE Data Holds Key May 24, 2024 Gold Prices Sink, Support Breakdown Heralds More Weakness; XAU/USD Key Levels
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Host: Duration: min 09:18:09 widgets/economicCalendar._abbr () Actual Forecast PreviousRevised EUR/USD Bullish
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Data provided by News Markets Week Ahead: Gold, EUR/USD, GBP/USD, USD/JPY; Eurozone Inflation, US Core PCE 2024-05-26 20:00:00 US Dollar Technical Outlook: EUR/USD, GBP/USD, NZD/USD Price Setups 2024-05-23 08:30:35 Oil - US Crude Bullish
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Data provided by News US Crude Oil Bounces Back But Looks Rangebound Before OPEC's June Meet 2024-05-23 11:00:28 US Crude Oil Hands Back Early Gains As Demand Doubts Resume Control 2024-05-15 11:00:35 Wall Street Bearish
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Data provided by News Dow Sustains Losses but Nasdaq 100 Hits New High and Nikkei 225 Recovers 2024-05-23 12:30:41 Market Sentiment Analysis and Outlook: S&P 500, Dow Jones 30, Gold 2024-05-22 17:30:00 Gold Mixed
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Data provided by News Gold Consolidates, Silver Continues to Outperform, US Inflation Data Key 2024-05-28 08:08:35 Markets Week Ahead: Gold, EUR/USD, GBP/USD, USD/JPY; Eurozone Inflation, US Core PCE 2024-05-26 20:00:00 GBP/USD Bullish
1h Last updated:May 28, 2024

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Data provided by News Markets Week Ahead: Gold, EUR/USD, GBP/USD, USD/JPY; Eurozone Inflation, US Core PCE 2024-05-26 20:00:00 US Dollar Technical Outlook: EUR/USD, GBP/USD, NZD/USD Price Setups 2024-05-23 08:30:35 USD/JPY Mixed
1h Last updated:May 28, 2024

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Data provided by News Markets Week Ahead: Gold, EUR/USD, GBP/USD, USD/JPY; Eurozone Inflation, US Core PCE 2024-05-26 20:00:00 BoJ Faces Dilemma: Hiking Rates into Economic Weakness as Inflation Path Wavers 2024-05-24 07:58:37 MoreView More

AUD/USD IG Client Sentiment: Our data shows traders are now net-short AUD/USD for the first time since May 21, 2024 03:00 GMT when...
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Gold and Silver Outlooks and Charts
Gold Daily Price Chart
Silver/Gold Weekly Price Chart
Silver Daily Price Chart
Gold and Silver Outlooks and Charts

US inflation is the next driver of price action.
US rate cut expectations pared further.
Recommended by Nick Cawley Get Your Free Gold Forecast Get My Guide
The recent re-pricing of US interest rate cuts continues to weigh on gold and silver , dampening demand for the previously high-flying commodities. The latest market forecasts show the first 25 basis point US rate cut is now fully priced for the December meeting, although the November meeting remains in play. Strong US economic data of late gives the Fed additional wiggle room to keep rates higher for longer as the US central bank continues its battle with stubbornly sticky inflation.

Source: LSEG Datastream.
After printing a fresh multi-decade high on May 20th, gold has fallen by over $100/oz. on further Fed speculation of higher rates and strong economic data. Short-term US Treasury yields remain elevated, keeping downward pressure on gold and silver, and unless Friday's PCE data surprises to the downside, both gold and silver may struggle to move higher. In the case of any further sell-off, gold should find initial support at around $2,280/oz.
Gold Daily Price Chart
Retail trader data show 63.97% of traders are net-long with the ratio of traders long to short at 1.78 to 1.The number of traders net-long is 3.95% higher than yesterday and 36.52% higher than last week, while the number of traders net-short is 6.68% higher than yesterday and 20.68% lower than last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Gold trading bias.
Silver has outperformed gold over the last month with the silver/gold spread now back at highs last seen in mid-November 2021. A break, and open, above the mid-October 2021 high would give this spread room to move higher.
GoldMixed Data provided by

of clients are net long. of clients are net short.

Change in	Longs	Shorts	OI
Daily	-2%	7%	1%
Weekly	26%	-18%	6%

What does it mean for price action? Get My Guide Silver/Gold Weekly Price Chart

Silver recently traded at its highest level in over a decade, breaking the $30/0z. barrier with ease. This level, supported by a prior high at $29.80/oz. now turns into short-term support.

Silver Daily Price Chart

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What is your view on Gold and Silver – bullish or bearish?? You can let us know via the form at the end of this piece or contact the author via Twitter @nickcawley1 .

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