Fed Rate Cut Decision in Focus as Precious Metals Rebound from Lows

COMEX UPDATE

After a steep decline from all-time highs, following a Dollar Index surge linked to Trump’s victory, market attention has shifted to the upcoming Fed rate cut decision, which could set the tone for the next moves.

XAU/USD has attempted a recovery from lower levels after a significant drop. Key support lies around 2645, with resistance at 2670. A sustained break above 2670 could drive prices sharply higher, potentially surpassing the 2700 mark. However, a failure to break this resistance may signal further declines below support.

Similarly, XAG/USD saw a steep decline in the last session but is finding support at the rising trendline on the daily chart, indicating potential for an upside reversal. Major support stands at 30.80, with resistance at 31.25; a sustained break above 31.25 may trigger an uptrend toward 31.60 and 31.90.