Gold and Silver Prices Plummet Amid Economic Pressures and Rate Hike Expectations

Gold and silver prices have been falling, with gold losing its support area from early August. Silver is also testing a similar boundary, making the next price moves crucial for both metals.

The weakness in gold and silver extends beyond a disappointing trading session, with economic pressures contributing to the decline. Charts reveal that a small bounce may struggle to become a lasting recovery.

Gold's price dropped to around $4,250 after breaking below its August support area, but it has yet to recover above this level. The broken support can now act as resistance, making it harder for buyers to reclaim the area and stabilize the chart.