Gold and Silver Prices to Move on US CPI Report

The US CPI report is set to drive the next move in gold and silver prices. The geopolitical tensions have been supporting safe-haven assets, but the upcoming inflation data will likely decide the next major move for both metals.

Gold remains bullish towards $4,500 as long as it holds above $4,300. A break above this level could open the door to a strong rally toward the $5,000 area, defined by the descending trend line of the wedge formation.

Silver's breakout above $64 brings the $72 resistance into focus. If the price continues to trade above $60, a strong move towards the $72 area is likely. The RSI remains below the 70 level, indicating the possibility of upside momentum in the short term for silver.