Gold Prices Plummet to Seven-Week Low as Inflation Expectations Rise

Gold prices have fallen to their lowest closing levels in seven weeks, down 3.5% from today's open at $4,136.27 an ounce.

This decline follows a familiar trigger: President Trump rejecting Iran's offer to reopen the Strait of Hormuz. The market is now looking to technical analysis for guidance on where gold's price will bottom out.

According to several independent technical reads, the nearest support level for gold lies between $4,050 and $4,100, with $4,113 marked as a key line of defense. This zone aligns with a floor gold built earlier this month and sits just below today's low price.

Silver, which has fallen even further than gold, is testing its own support level around $60 to $61, a cluster of Fibonacci and round-number supports. A close above this level could indicate a potential reversal in silver's price trend.