Gold and Silver Prices Face Key Tests Amid Fed Minutes Loom

The price of gold has been rising steadily since its July base, currently trading at around $4,337 on the daily chart. This puts it above the 100-day EMA and the pivot point at $4,320, but still below a long-standing falling trendline at $4,446.

Bulls are facing a dilemma as they try to break out of this recovery phase. The RSI remains around 58, indicating bullish momentum without overbought levels. Key resistance levels for gold include $4,446, followed by $4,595 and $4,778. On the other hand, support areas are at $4,320-$4,325, then $4,228, and finally $4,106.

For silver, the story is quite different. The metal has broken out of its rising channel and is now below $62.75 support. This makes it vulnerable to further decline, especially if it falls below $64.20. However, a recovery to this level would be more bullish. Silver's RSI has reached the 35 region, indicating oversold territory.