Silver outpaces Gold in post-FOMC rebound as $70 comes into view

The metals market is still running hot, with Gold and Silver recovering strongly following Wednesday’s FOMC meeting despite the Federal Reserve delivering its first interest rate hike in three years and signaling the possibility of another hike before the end of 2026.

There is still no single major catalyst behind the recovery in the metals market, although some reports have linked the move to the retreat in bond yields. The US 10-year Treasury yield was around 5.00% before the FOMC meeting and is now trading around 4.94%, according to Bloomberg. However, does a 0.06 percentage-point decline in yields fully justify the scale of the recovery?

Silver is up over 4% on the week, recovering from a low around $62.300 to test $67.300 as of the time of writing. The recovery in Silver has comfortably outpaced Gold in percentage terms, with Gold up around 1% on the week after briefly touching $4,400.

Silver has continued to march higher, with buyers remaining resilient and pushing beyond key resistance levels. The latest move came with a break above the bearish trendline around $66.385 after price found renewed support around $65.200.

Buyers are now constructively in control of the chart in the medium term and are setting their sights on a test of the $70.000 level, with the late-August high around $71.000 potentially coming into view afterward.

Gold is also higher on the board. Price has broken above the upper boundary of the channel around $4,350 and retested the same level before eventually pushing towards $4,400, where it has struggled to extend its advance. Gold is now trading slightly lower around $4,392.50 as of the time of writing.

The technical picture clearly shows that the recoveries in Gold and Silver have been accompanied by a shift in momentum in favor of buyers. This is particularly evident in Silver, which is now trading around $67.300, while Gold continues to search for a sustained move above $4,400.

From a fundamental perspective, however, there is still not enough evidence to fully support the scale of the recovery. The US Dollar remains steady and continues to hold on to its hawkish Fed premium, making it difficult to establish a strong directional bias on either Gold or Silver despite the improving technical picture.