AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

5/18/2026: P.M. Roundup: Gold, silver weaken amid rising bond yields

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold and silver futures prices are modestly lower near midday Monday, with gold notching a six-week low. Rising bond yields and the implications of higher interest rates amid inflationary worries have gold and silver bulls concerned, from a global demand perspective. Technical selling was also featured today as gold prices are now trending lower on the daily bar chart. The technically bearish weekly low closes in both metals on Friday led to some follow-through selling pressure today. At midday, June gold was last down $21.60 at $4,540.30. July silver prices were down $7.32 at $76.825.

Bond traders expect “new era” of higher yields. “A new era of elevated borrowing costs is potentially underway as war-driven inflation angst intensifies in the U.S. bond market, sending 30-year yields toward a two-decade high above 5%,” said a Bloomberg report. “The slump in Treasuries came alongside a shift in wagers around the Federal Reserve, with traders now seeing an interest-rate hike as a lock by next March.” Yields are now around a half-point or more above where they stood at the end of February, with the two-year at 4.07% and the 10-year at 4.59%. Meantime, equities are at risk of a significant pullback as the global bond selloff threatens to derail the artificial intelligence-driven rally, according to Morgan Stanley strategists. If the bond market becomes more volatile and long-term interest rates keep rising, “we would expect the first meaningful correction in equity prices since markets bottomed at the end of March,” the team led by Mike Wilson wrote in a note, said Bloomberg.

“Global inventory race intensifies in shadow of the Iran war.” That’s the headline of a Bloomberg story that is just one more clue of inflation worries that are stoking stockpiling and even hoarding. “The global rush to stockpile manufactured goods on fears of an energy-supply crunch will overshadow business surveys in the coming week gauging the impact of a third month of war in the Middle East. Purchasing manager indexes for May are projected to show continued expansion, bolstered by front-loaded stock-building, but the question is whether this points to resilience or manufacturers running on fumes before the energy shock fully hits. The indexes will reveal how the cost impact is affecting major economies and possibly hint at supply logjams, which could feed pipeline inflation pressures that central banks are watching before the next round of key monetary decisions,” said the Bloomberg report.

Latest on U.S.-Iran war…

—Iran strikes UAE nuclear plant; no major damage

—Trump says “clock is ticking” for Iran

—U.S., Iran stall on Hormuz reopening as crude oil supplies tighten

—U.S. and Iran far from Hormuz deal as drone hits UAE power plant

—Suezmax tanker with Iraqi crude reaches India after Hormuz transit

—IEA chief warns commercial oil inventories are falling very fast

The key outside markets today see the U.S. dollar index modestly down, while Nymex WTI crude oil prices are higher and trading around $107.00 a barrel. The yield on the benchmark 10-year U.S. Treasury yield is presently 4.6%.

June gold futures see prices trending down on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the May high of $4,783.40. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,340.00. First resistance is seen at $4,575.00 and then at $4,600.00. First support is seen at the overnight low of $4,483.50 and then at $4,450.00. Wyckoff's Market Rating: 4.5

July silver futures bulls’ next upside price objective is closing prices above solid technical resistance at the May high of $90.105. The next downside price objective for the bears is closing prices below solid support at $70.00. First resistance is seen at $78.00 and then at $80.00. Next support is seen at $74.00 and then at $72.00. Wyckoff's Market Rating: 5.5