Precious Metals Pull Back on Rising Yields, Though Offering Support Near October Lows

Gold and silver prices pulled back today following last week's gains, with rising Treasury yields also weighing on precious metals.

Risk aversion remains elevated due to Middle East tensions and China's economic situation with property developer Evergrande.

U.S. recession risk is seen as declining despite recent hawkish Fed rhetoric. Political uncertainty continues with no House speaker.

Technicals show gold and silver still in downtrends but finding support near October lows. Next resistance at $2,000 for gold, $23.50 for silver.

Wyckoff ratings of 3.5 for gold and 4.0 for silver indicate markets tentatively transitioning from downtrend to trading range.