Gold and silver gain but look vulnerable to downturn, analyst says

[stack of shiny gold bars 3d illustration]
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Gold futures edged higher on perceived bargain-hunting Wednesday after falling to a two-week low in the previous session, as investors await the next developments in the Iran war.

Iran reportedly seized two cargo ships in the Strait of Hormuz, while President Trump said the U.S. blockade of Iran's ports would continue, with no sign of peace talks restarting.

"Trump’s extension of the ceasefire reduces the immediate risk of military escalation—and with it the threat of a further inflationary oil price spike—while also weighing on the dollar," Saxo Bank analysts said in a note.

"Until a clearer path toward a peace deal emerges, gold and silver are likely to remain in competition with the dollar for direction, leaving prices rangebound for now," the bank wrote.

"Gold prices are consolidating below key resistance levels, reflecting a technical structure that mirrors earlier 2026 breakdown patterns," and silver prices are showing a pattern that could portend a "sharp directional move," Razan Hilal of Forex.com said in a note.

Hilal said a drop in gold to $4,640/oz could trigger a further slide, with that boundary being $75/oz for silver.

Gold and silver futures both snapped two-day losing streaks, with front-month Comex gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) for April delivery up 0.7% to $4,732.50/oz and front-month Comex April silver (XAGUSD:CUR [https://seekingalpha.com/symbol/XAGUSD:CUR]) up 1.9% to $77.893/oz.

ETFs: (GLD [https://seekingalpha.com/symbol/GLD]), (GDX [https://seekingalpha.com/symbol/GDX]), (GDXJ [https://seekingalpha.com/symbol/GDXJ]), (IAU [https://seekingalpha.com/symbol/IAU]), (NUGT [https://seekingalpha.com/symbol/NUGT]), (PHYS [https://seekingalpha.com/symbol/PHYS]), (GLDM [https://seekingalpha.com/symbol/GLDM]), (AAAU [https://seekingalpha.com/symbol/AAAU]), (SGOL [https://seekingalpha.com/symbol/SGOL]), (DUST [https://seekingalpha.com/symbol/DUST]), (RING [https://seekingalpha.com/symbol/RING]), (BAR [https://seekingalpha.com/symbol/BAR]), (OUNZ [https://seekingalpha.com/symbol/OUNZ]), (SLV [https://seekingalpha.com/symbol/SLV]), (PSLV [https://seekingalpha.com/symbol/PSLV]), (SIVR [https://seekingalpha.com/symbol/SIVR]), (SIL [https://seekingalpha.com/symbol/SIL]), (SILJ [https://seekingalpha.com/symbol/SILJ])

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