Silver (XAG/USD) extends its sharp decline on Thursday, falling 5.00% on the day to trade around $55.05 at the time of writing, after hitting its lowest level in three months at $55.01.
The Swiss Franc (CHF) keeps marching higher against the US Dollar (USD), favoured by Switzerland’s solid fiscal stability and the Greenback's weakness, as traders ponder the depth of the Federal Reserve’s (Fed) monetary tightening cycle.
Societe Generale analysts observe that Gold has formed an interim low near $4,065 and is consolidating in a narrow range. They flag resistance at $4,200/4,225 and warn that failure to break higher could trigger a deeper correction toward the June low at $3,960/3,940 and projections near $3,830, with $4,065 acting as initial support.