Gold and Silver Prices Face Pressure Amid Deteriorating Charts and Hawkish Fed Stance

Gold and silver prices are under pressure as technical selling and a stronger U.S. dollar index weigh on the precious metals. The deteriorating near-term chart patterns for both metals have turned more bearish. Additionally, China's consumer and producer inflation slipping into deflationary territory raises concerns about the need for more government stimulus in the world's second-largest economy. The overall market sentiment remains cautious due to the potential for the Middle East situation to escalate again.