Gold, Silver Brace for Big Tech and Fed Collision Course

Gold and silver are trading heavy but remain tightly linked to risk appetite, with five-day correlations to S&P 500 futures at 0.90 for gold and 0.93 for silver. Markets face a packed catalyst calendar — Fed FOMC decision and chair nomination vote plus mega-cap tech earnings from Microsoft, Alphabet and Amazon — that could move yields, the dollar and volatility and thus swing precious metals. Technicals show gold repeatedly rejected near $4,850 with support at the 38.2% Fibonacci ($4,672), $4,600 (23.6% fib) and the 200‑day MA ($4,252). Silver has stalled at the 23.6% fib around $75.16 and faces hurdles near $78 and the 50/100‑day MAs, with upside toward the April high at $83 if momentum returns. Outcomes hinge on earnings, oil/Geopolitics and whether Powell’s future alters Fed direction.