The precious metals of Gold and Silver both cooled for a third consecutive month, with net April declines of -$12.80 (1.0%) to $1285.70, and -$0.13 (0.8%) to $14.98 respectively.
A third consecutive net monthly decline for the precious metals of gold and silver.
The weakness from the Jan' high is arguably largely due to two factors. First, the broadly strong USD. Second, the recovery in confidence with the capital markets, helped by an increasingly dovish fed.
I do anticipate eventual rate cuts - which would be inherently bullish gold/silver, but I don't see such cuts until after the QT program has concluded end Sept'.
The more cautious gold/silver bulls will wait to chase with Gold >$1400s and Silver >$21s.