Gold and Silver Prices Are Calmer, But Not Calm: What to Watch Next

Market Volatility - Daily price volatility for gold and silver futures has decreased from levels observed in late January and early February, with smaller daily price bars noted [1] - Despite the decline in volatility, the markets remain active, with silver futures experiencing a $10 daily trading range and gold a $220 daily trading range last week [1] Technical Analysis - Recent extreme price volatility in gold and silver markets suggests a bearish sentiment, indicating a potential topping process after an extended bull run [6] - Gold and silver prices have stabilized above key support levels, with February lows at $4,423.20 for gold and $63.90 for silver, which are critical for maintaining bullish momentum [7] Fundamental Drivers - Ongoing investor and commercial demand for silver, along with investor and central bank demand for gold, is expected to support prices and potentially challenge record highs from January [8] - Major economies' efforts to stockpile rare earth minerals will continue to bolster the gold and silver markets, particularly benefiting silver [8] - The push for lower interest rates by the Trump administration, despite positive U.S. economic data, is anticipated to exert downward pressure on the U.S. dollar and raise concerns about future inflation, which is bullish for metals [8]