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The ongoing US-Iran ceasefire allowed gold and silver to react to technical breakdowns. Gold accelerated lower below $4,500 with strong bearish continuation while silver traded at $74.80.

Gold and silver remain under pressure as oil-driven inflation, Fed rate fears, and U.S. jobs data shape the next move in precious metals.

Gold futures' technical backdrop has likely improved in recent weeks, StoneX's Matt Simpson says in commentary. Prices have repeatedly found support around $4,400 an ounce and momentum indicators are starting to turn higher, the senior market analyst says.

Axel Merk, founder and CIO of Merk Investments, said that while gold remains a relatively 'calm' investment, the world around the commodity and the geopolitical and economic 'crosscurrents' including AI investment and the war with Iran have created volatility in markets.

Gold continues to compress within a symmetrical triangle as overlapping support and resistance levels cluster, suggesting an imminent breakout decision as volatility contracts near key moving averages.

Gold has dropped from $5,247 per ounce near the end of February to just over $4,500 now.

Gold continues to assert its dominance in global financial markets as an important monetary asset, with the European Central Bank highlighting a significant milestone for the precious metal.

Gold markets moved away from session highs as traders focused on stronger dollar and rising Treasury yields.

Gold continues to move opposite of rates on Tuesday, as we are still in the same pattern with rates being the opposite of price action in the gold markets. Position sizing is crucial in this market as well.

Gold market outlook improves as oil retreats, yields fall and the dollar stalls. Friday's jobs report could determine the next major move.