Silver (troy ounce) / U.S. Dollar

Morning Correction: Precious Metal Loses Its Shine

Asian trading on Thursday 23.07.2026 began with an unexpected but understandable cooling in the precious metals market. August gold futures on COMEX, a division of the New York Mercantile Exchange, fell to $4,123.97 per troy ounce, losing 0.67% during the session. The decline may appear insignificant, but in a world where every cent matters and investors are desperately searching for safe havens, even such a correction raises questions.

Why has gold—a traditional defensive asset that usually appreciates during periods of instability—suddenly moved lower? As is often the case, the answer lies on the surface but requires careful consideration. The U.S. Dollar Index, which measures the American currency against a basket of six major currencies, declined by 0.14% to 100.82. Such a modest weakening of the dollar should theoretically have supported gold, since commodity prices denominated in dollars generally rise when the currency loses value. Today, however, that mechanism failed to work.

At the time of writing, gold had found support at $3,963.00, while resistance awaited at $4,171.09. A range of almost $200 represents more than just technical levels—it reflects the profound uncertainty currently dominating the markets. Investors do not know where the price will move next and prefer to lock in profits rather than take risks at a time when geopolitics and macroeconomics have become tightly intertwined.

The precious metals market is also showing an interesting divergence. September XAGUSD ... silver futures declined by 0.68% to $59.89 per ounce, following the same trajectory as gold. Copper, by contrast, gained 0.41% to reach $6.52 per pound. This divergence suggests that investors see different prospects for different metals: gold and silver are viewed as defensive assets, while copper is regarded as an indicator of industrial demand and economic growth.

The Dollar and Geopolitics: Which Will Prevail?

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XAGUSD ...

Silver has quietly become one of the most interesting markets to watch over the last few trading sessions. While gold often dominates the headlines, XAG/USD has been building its own technical story. The recent price action shows a market that has recovered steadily, respected important support zones and gradually worked its way back toward resistance. However, reaching resistance is only half of the journey. The real challenge begins once the market arrives there.

Looking at the broader structure, I don't believe the bullish momentum has disappeared. Buyers have remained active during recent pullbacks, and every attempt by sellers to create a deeper decline has struggled to gain lasting control. Instead of producing a sequence of lower lows, the market has continued defending higher support levels, suggesting that demand remains present beneath the surface.

That is usually a healthy sign.

One mistake traders often make is believing that every strong trend must continue producing large candles every day. Financial markets don't operate that way. Even the strongest trends need time to rest. They pause, consolidate and allow both buyers and sellers to reassess their positions before choosing the next direction.

That appears to be exactly where silver finds itself today.

The recent rally has slowed as price approaches an important resistance zone. Some traders immediately interpret this slowdown as weakness, believing the market has already reached its highest point. Others see it as a normal pause before another breakout attempt.

Personally, I think the answer depends entirely on how buyers behave over the next few sessions.

One encouraging feature of the current chart is the quality of the pullbacks. Recent corrections have remained relatively shallow. Sellers have managed to interrupt bullish momentum, but they haven't succeeded in damaging the overall market structure. Buyers continue stepping into the market before previous...

Monday: The Precious Metal Returns to the Spotlight

XAUUSD ... Gold began the new trading week with solid gains. Prices of the precious metal climbed back above the psychologically important level of $4,000 per ounce, rising by 0.4% to $4,024.72. Gold futures performed even more strongly, gaining 0.5% to reach $4,029.87.

The recovery came after gold closed 0.2% lower on the previous Friday. The market has once again shifted its attention to geopolitical risks, which remain the main driving force behind demand for safe-haven assets. The conflict in the Middle East continues to escalate, prompting investors to seek protection in gold.

Silver also advanced, with XAGUSD ... rising by 0.9% to $56.93 per ounce. Platinum, however, declined by 0.2% to $1,594.30. This mixed performance suggests that investors are choosing gold as the most reliable safe-haven asset amid geopolitical uncertainty.

The Middle East: Escalation and Signs of Diplomacy

The situation in the Middle East remains tense. The United States continues to carry out strikes on Iranian targets, while President Donald Trump warned Tehran that it would “pay” for the deaths of three American service members in recent days. This tough statement leaves little doubt that Washington has no intention of backing down.

Regional uncertainty has been intensified by a threat from Yemen’s Iran-backed Houthi movement to impose a naval blockade on Saudi Arabia. This poses a serious risk to shipping in the Red Sea, one of the world’s key routes for energy supplies. In response, the Saudi-led military coalition has strengthened measures to protect maritime traffic.

However, there are also signs of hope for a diplomatic resolution. Iran said that mediators were discussing proposals aimed at de-escalating the conflict. Reuters reported on a proposed 10-day suspension of strikes, easing concerns about an immediate escalation. Markets breathed a sigh of relief, although only cautiously....

Friday’s Opening: The Yellow Metal Attempts to Recover Its Losses

Friday began on an encouraging note for the precious metals market. August gold futures XAUUSD ... on COMEX gained 0.24% and were trading at $3,982.45 per troy ounce. This is a modest but meaningful move after several days of pressure, during which the metal even fell below the psychologically important $4,000 level.

The gold market currently resembles an athlete who has just lost a race but is already gathering strength for the next one. The previous day’s decline was significant, and investors watched anxiously as the price moved further away from its recent highs. However, the morning rebound demonstrated that demand for gold has not disappeared—it was simply waiting for the right moment.

Notably, gold is rising despite a stronger U.S. dollar. The U.S. Dollar Index increased by 0.03% on Friday to 100.60. Although this movement is largely symbolic, a stronger dollar usually works against gold. In this case, however, the dollar weakness observed earlier in the week continues to support the metal, even as the U.S. currency attempts to recover. Investors appear to have concluded that geopolitical risks outweigh short-term currency fluctuations.

Technical Outlook: Support and Resistance Set the Rules

Technical indicators on Friday present a relatively clear picture. Support is located at $3,974.15, where buyers entered the market and prevented the price from falling further. Resistance is considerably higher at $4,112.50. The distance between these levels is almost $140, giving traders plenty of room to maneuver.

Interestingly, the current price of $3,982.45 is very close to the lower boundary of this range. This means buyers still have considerable work to do before gold can return to levels above $4,000. Nevertheless, the fact that the metal found support and rebounded from it suggests that many investors consider current prices attractive...

Thursday Morning: Gold Opens in Negative Territory

Asian trading on Thursday began with the gold market deciding to cool off slightly. COMEX gold futures for August delivery fell by approximately half a percent, settling at around $4,032 per troy ounce. At first glance, the decline appears modest—just 0.49%. However, in the gold market, even movements of this size are rarely accidental. Behind every change in price are investors’ expectations, fears, and calculations.

Interestingly, the decline is taking place against a backdrop of rather contradictory signals from global markets. On the one hand, the US dollar strengthened slightly, with the USD Index rising by a symbolic 0.03% to 100.30. This movement can hardly be described as a confident surge, but because gold generally has an inverse relationship with the US currency, even a slight indication of dollar strength can be enough to trigger a price correction.

On the other hand, the geopolitical situation remains tense, which would normally encourage investors to move into safe-haven assets—gold above all.

However, markets, as we know, do not always behave according to textbooks. The current dynamics of gold provide a perfect example.

Technical Picture: The Levels Everyone Is Watching

Technical indicators present a highly revealing picture. The low of today’s session was $3,990.40 per ounce. This is not merely a random figure—it represents a significant support level that traders have been monitoring for several weeks. A break below this level could open the way for a deeper correction, but buyers are continuing to defend it for now.

Resistance is located considerably higher, at $4,144.60. The price is fluctuating between these two levels as it attempts to find equilibrium. A range of almost $150 is substantial for gold, but looking at the metal’s performance over recent months, the market has already become accustomed to such price...

Introduction: A Pullback Following Weak Inflation Data

Wednesday began with another round of correction for gold. August gold futures fell by 0.90% to $4,032.87 per troy ounce. Silver also declined by 0.81% to $58.63. This is happening against the backdrop of a weaker US dollar, which fell by 0.09% to 100.63 points.

What is happening? Why is gold falling while the dollar is weakening? A weaker dollar usually supports gold prices, but today this correlation has broken down. The reason lies in US inflation data, which came in below expectations, and comments from Federal Reserve Chair Kevin Warsh, who maintained a hawkish stance.

Investors are reassessing their positions. Lower inflation reduces demand for gold as protection against currency depreciation, while the Fed’s tough rhetoric creates expectations that interest rates will remain high. In this article, we will examine all the factors affecting gold, assess the key technical levels, and try to determine where the metal may move in the coming days.

Inflation Data: Easing Pressure

A Weak CPI Report

US inflation data for June came in below expectations. The Consumer Price Index fell by 0.4% month over month, while annual inflation stood at 3.5%, compared with the projected 3.8%. Core CPI increased by 2.6%, also below forecasts.

This decline in inflation reduces demand for gold as a safe-haven asset. Investors are becoming less concerned about currency depreciation, weakening one of the key factors that has supported gold prices.

The Dollar’s Reaction

The US dollar weakened by 0.5% following the release of the data, but this did not help gold maintain its position. A weaker dollar usually supports gold, but today this effect was outweighed by other factors.

Falling inflation and hawkish signals from the Federal Reserve created pressure on the metal that proved stronger than the currency factor.

Impact on...