Gold Fails to Break Above $4,500 as Silver Consolidates Below $72

The gold price has failed to break above $4,500 despite a softer-than-expected US PPI reading. A close below $4,200 this week could lead to further consolidation in the short term.

On the other hand, a break above $4,500 this week would likely trigger a strong rally towards $5,000 next week.

The 4-hour chart for spot silver also shows that it remains below the $72 level, increasing the possibility of further consolidation before the next strong rally. A break above $72 is required to push the spot silver price towards the $90 level.