Crude, gold and oil all down between 0.5% - 0.7%, while stronger USD weighing on gold. See impact of USD on gold today on Watchgold/USD 1-day chart.
Friday could be an important day for precious metals, with Chair Warsh speaking at Jackson Hole. The market will be listening very closely for any clues on where the Fed is headed, particularly with inflation still a concern, crude at elevated levels and long-term Treasury rates remaining high. As everyone knows, I have been cautiously optimistic on gold and silver lately, but interest rates and the USD remain important headwinds. What I will be watching Friday is pretty simple: How do the USD and interest rates react to Warsh's comments, and more importantly, how do gold and silver trade on the news? Sometimes the market's reaction tells us more than the actual words. If Warsh comes across more hawkish than expected, we could see rates and the USD move higher, which would likely be a headwind for precious metals. If the market hears something more dovish, it could provide another catalyst for the recent rally. Either way, I expect Friday to be interesting. What do you think Warsh will say, and how will gold and silver react? As always, let the market reveal its direction rather than trying to anticipate every move.

This commentary is provided for educational purposes only and should not be considered investment advice.