Gold and silver rebound slightly in Asian session; market eyes PCE for direction

Gold and silver stabilize and rebound in early Asian session

On Wednesday (July 28, 2026) Asian hours, the precious metals market showed a modest rebound. As of 10:00 Beijing time, spot gold traded at $2,345.20 per ounce, recovering more than 1% from the overnight low of $2,320; spot silver was at $30.12 per ounce, up 0.8%. The market remains cautious amid a mix of factors, with investors focusing on tonight's US core PCE price index for clues on the Fed's policy path.

Mixed bullish and bearish factors, gold's volatile pattern persists

Overnight, gold dipped below $2,320 due to a stronger US dollar index, but bargain buying later emerged, pushing prices higher. Geopolitically, the situation in the Middle East has not escalated, and safe-haven demand is muted for now; economic data has become the short-term dominant factor. US June durable goods orders rose 1.2% month-over-month, slightly above expectations, but manufacturing expansion remains insufficient. The market expects tonight's PCE to show a modest decline in inflation; if the data meets or falls short of expectations, it may strengthen expectations for a Fed rate cut this year, benefiting precious metals.

Technically, the daily chart shows gold trading between the middle Bollinger Band ($2,330) and the upper band ($2,375), with the MACD lines converging, indicating unclear direction. Short-term resistance is at $2,350; a break above could test $2,370. Support lies at $2,320; a break below may test the $2,300 round number.

Silver boosted by industrial demand, relatively resilient

Silver has been slightly stronger than gold recently, mainly supported by expectations of recovering industrial demand. Global semiconductor and photovoltaic industries have seen growing industrial demand for silver, while supply-side mine restarts remain slow and inventories stay low. Silver found strong support around $29.8 this week and reclaimed the $30 mark, but selling pressure remains heavy above $30.5. Analysts note that silver has greater price elasticity; once gold chooses a direction, silver's volatility may be more significant.

• Gold: Short-term support 2320/2300; resistance 2350/2375
• Silver: Short-term support 29.8/29.5; resistance 30.5/31.0

Key events ahead: PCE and FOMC decision

Tonight at 20:30, the US June core PCE price index year-over-year will be released, with market expectations unchanged from the previous at 2.6%. If the data surprises to the upside, it will dampen rate cut expectations, negative for gold and silver; otherwise, it may push gold and silver to break out of recent consolidation. Next week will also see the Fed's July rate decision, with markets widely expecting no change, but the probability of a September rate cut has increased. Investors should closely watch officials' remarks and changes in economic forecasts.

Overall, gold and silver remain in range-bound trading in the short term, with direction depending on macro data and central bank stance. It is advised that investors focus on short-term swing trading, set strict stop-losses, and wait for breakout signals to confirm the trend.