Gold and silver had another unsettled week, with prices sliding hard before recovering as headlines around US Iran talks shifted market sentiment. In the report below, we look at gold’s bounce off a key technical level near the 200-day moving average, why macro conditions are still capping upside, and what could drive the next move as inflation, central bank policy, and geopolitics stay in the spotlight.

“If you catch 100 red fire ants as well as 100 large black ants, and put them in a jar, at first, nothing will happen. However, if you violently shake the jar and dump them back on the ground the ants will fight until they eventually kill each other. The thing is, the red ants think the black ants are the enemy and vice versa, when in reality, the real enemy is the person who shook the jar.