
Gold & Silver recovery gains momentum, but confirmation is needed; Elliott Wave intraday analysis
Gold & Silver recovery gains momentum, but confirmation is needed; Elliott Wave intraday analysis
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Gold & Silver recovery gains momentum, but confirmation is needed; Elliott Wave intraday analysis

The American currency is moving higher as traders focus on inflation data.

Silver jumps more than 2% after US inflation meets expectations

The Yen gave back some of its recent advance that was triggered by US and Japanese intervention. The pair printed above the 158.05 resistance which indicated a wider range for rebound towards the 160.85 resistance.

We still hold our previous projection for GBPUSD. As we see over the daily chart, a possible triangle formation could hold the market inside the 1.3140-80 support and 1.3505-55 resistance.

British Pound: Improving sentiment supports gains against US Dollar – Scotiabank

Gold managed to met the second target of 4382 to pass above it. As we see from the Intraday chart and as long as the market remains below the resistance of 4435, the chance for a correction is likely with support at 4300.
![Gold – Potential reversal play [Video]](https://static.pipvero.com/pipvero/uploads/2026-08/general-1-1786547611-36725061ceae6f9f.webp)
Gold – Potential reversal play [Video]

We expect much higher prices into 2030/2031, with the strongest gains likely to occur during the final 12 months of the bull market.

CPI decides whether gold buyers clear $4,435.25 and target the 200-day average or trigger a deeper XAUUSD correction.

Current Setup The latest US CPI report did not deliver a major surprise for financial markets, with both the headline and core inflation prints meeting expectations. The consensus forecasts for the July US CPI had been for headline CPI to come in at 3.4% YoY (prior 3.5%), while the core CPI was expected at 2.5% year-on-year (prior 2.6%).

The Euro managed to hit a few pips above the resistance of 1.1560 which could lead to another advance. As we see from the chart, prices face support around 1.1470-80 while as long as the market holds above it, the advance may could continue towards 1.1685 and above.

The USD/GBP cross rate has tumbled by 0.38% (a 0.38% gain for GBP against USD) at the time of writing, slightly above USD/CAD, which recorded a 0.56% loss over the same period (see Fig. 1).

Silver rebounds as Treasury yields drop and buyers step back into the rate-relief trade before CPI. Oil near $90 keeps the inflation argument alive and the Fed debate unresolved.

Wednesday to show signs of life again as we are awaiting CPI numbers and the influence that inflation may or may not have on the asset.