Gold and Silver stabilized after the US extended the Iran ceasefire, cushioning markets from immediate escalation fears and preventing a deeper selloff. The move offset earlier weakness triggered by the cancellation of JD Vance’s planned diplomatic trip. However, technical developments suggest both metals are becoming increasingly vulnerable to a near-term bearish reversal, with selling likely to accelerate if key support levels give way.
Technically, Gold is showing clearer signs of exhaustion. Bearish divergence on 4H MACD highlights fading momentum, even as price attempts to extend higher. While a squeeze toward 4,889.24 cannot be ruled out, strong resistance near 61.8% retracement of 5,598.38 to 4,098.45 at 5,025.40 is likely to cap gains.
On the downside, break of 4,644.49 support would confirm that the rebound from 4,098.45 has completed, opening the door for a deeper move back toward that low.
Silver, while still relatively resilient, is showing early signs of fatigue too. The metal remains within the near term rising channel, but momentum indicators are weakening. Resistance at 38.2% retracement of 121.83 to 60.97 at 84.21 is likely to limit further gains, at least on first attempt.
On the downside, a break below 72.55 would signal that the rebound from 60.97 has run its course, and bring further fall back toward this low.
