Fed Decision Looms Large Over Precious Metals Market

The global economy is at a crossroads as oil prices and inflation fears drive up Treasury yields. The Federal Reserve's decision next week will have significant implications for gold, silver, and other precious metals.

Gold prices have been volatile in recent weeks, with the metal attempting to hold its 50-day EMA but facing further downside if the Fed hikes rates. Ideal support sits around $4,150, plus or minus $50.

Silver could slip back to $60.00 depending on next week's Fed decision. If the Fed holds rates steady, a breakout above $70.00 is expected.

Miners such as Newmont have formed a major bottom and are positioned to outperform gold from here. A pullback toward support around $92.00 could occur if the Fed hikes rates next week.