Gold and silver futures rally as traders eye new Fed chair policy.

Gold futures extended a 4-day rally as traders weigh in on the interim U.S.-Iran peace deal, which is set to be signed on Friday, while also digesting the first Fed rate decision under new chairman Kevin Warsh. The deal is meant to reopen the Strait of Hormuz, which would ease some of the energy crunch that has sent this inflation soaring and kept central banks on hold over the past few months. Now futures are working back towards that 200-day moving average, although the bullion is well off its February highs. A sustainable recovery would likely need a confirmation from Warsh that the Fed is not leaning towards aggressive rate hikes throughout the year. The key levels to watch are $4,500 on the upside, a recent swing high, and $4,300 on the downside, also a recent swing low.