Gold And Silver Lose Altitude As Fed Hopes Fade And Charts Turn Fragile

Spot gold is trading this Friday morning around $4,060 per ounce, down roughly 0.3% on the day and about 2–3% below last week’s levels. Silver is hovering near $49.5–50 after slipping back to its weekly low in early European trade.

Over the last seven days, both metals have been digesting an autumn rally that pushed gold to repeated record highs and silver briefly above $54 on 13 November.

The pullback has been driven mainly by a stronger-than-expected US jobs report and Federal Reserve minutes that cooled hopes for an imminent rate cut.

Rate-cut odds for December have shrunk and the dollar index is heading for its best week in more than a month, making bullion more expensive for buyers outside the US.

In New York and London, spot gold trades just above $4,060 while December Comex futures sit near $4,070. The SPDR Gold Trust, the largest gold ETF, has seen a small drop in holdings as some investors take profits after heavy inflows earlier in the year.

Globally, gold ETFs have still enjoyed several months of net inflows, lifting assets and keeping overall trading volumes high across futures, over-the-counter markets and ETFs.

Physical demand in Asia is softer. Indian dealers are still forced to offer hefty discounts to official prices, even in the wedding season, after a sharp fall in domestic prices.

Chinese buyers are cautious, with bullion moving around par or at a small discount to global spot, and Swiss export data show reduced shipments to China. As one Kolkata jeweller put it, many customers are “just waiting to see if prices fall even more.”

Silver is tracking gold lower but remains more volatile. Spot XAG/USD has retreated from its mid-month peak into the high-$40s and is struggling around the 20-day moving average near $49.5; a clear break could open the way back toward the mid-$40s.

On the investor side, the iShares Silver Trust still holds roughly 490 million ounces of metal, with high daily trading volumes showing that speculative interest remains strong despite the pullback.

Technically, your daily gold chart shows something important and clearly negative: price has now moved decisively into the Ichimoku cloud for the first time since August.

That break into the cloud—combined with a rolling-over MACD and an RSI sliding from overbought toward the mid-40s—signals that the previously clean uptrend is turning into a corrective phase rather than a simple pause.

On shorter-term four-hour charts, gold is grinding sideways to lower below recent highs, consistent with fading momentum.

Silver’s daily picture is similar but slightly healthier: the broader uptrend is intact, yet price is leaning on short-term support around $49–49.5, with MACD near the zero line and RSI drifting toward neutral.

The four-hour view compresses this into a down-sloping pattern of lower highs, warning that a break of $49 could quickly expose the mid-$40s.

Bottom line: fundamentally, higher US yields, a firmer dollar and softer Asian demand are pressuring both metals just as speculative flows cool.

Technically, gold’s slide decisively into the daily Ichimoku cloud—something not seen since August and a clearly bad signal for bulls—suggests the market is vulnerable to a deeper correction if support in the low $4,000s for gold and around $49 for silver gives way in the days ahead.

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