Gold prices continue to face downward pressure from technical selling and Fed rate hike expectations.

Gold and silver prices are under pressure due to chart-based selling and a rise in the US dollar index and US Treasury yields. Minneapolis Fed President Neel Kashkari said the US central bank is determined to bring inflation down to around 2% annually, but he was unsure if the Fed would raise interest rates at its next FOMC meeting in June. The Fed's still-hawkish lean has been bearish for gold and silver and bullish for the US dollar. Technical analysis suggests that gold and silver prices are in a fledgling downtrend on the daily bar chart.