Since the highs recorded in January of this year, the precious metals broadly have seen selling pressure after an almost extreme run to the upside. There was large central bank buying of Gold and Silver during the run higher and the momentum carried these markets to all time record highs. Looking at Gold since the top in January, prices have grinded lower similar to the rate of the rise, and prices have seemed to stabilize. The question is now lingering for the Gold market asking if the market will be able to see a rebound in the current Fed and interest rate environment or if prices are poised to move even lower.

Understanding the fibonacci retracements can help you see potential support and resistance levels where the market has traded in the past. Looking at a weekly Gold chart from the January highs to the breakout point from August of 2025, the price sold off to the 0.236 retracement point and found at least some support, and the prices have moved higher from there. Along with that, the 50-day exponential moving average had acted as a floor in this market going back to October of 2023, and now Gold is trading right at that level after closing below it a few days ago. This point is now acting as congestion, and traders will be watching this level this week with all of the economic data on jobs and inflation being released in the coming days.

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**All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.