AGE Daily Gold Update

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

5/20/2026: P.M. Roundup: Gold, silver up on short covering, bargain buying

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold and silver futures prices are higher near midday Wednesday. Gold scored a seven six-week low in overnight trading, before both metals bounced on short covering and perceived bargain hunting after recent selling pressure. A weaker U.S. dollar index at midweek also supported buying interest in the precious metals. However, gains in the two metals were limited by a sell off in crude oil prices today. Near midday, June gold was last up $15.00 at $4,526.50. July silver prices were up $1.231 at $76.355.

Global long-term government bond yields rise to two-decade highs. The sell-off in longer-maturity government bonds has pushed up yields to levels last seen during the global financial crisis, and market participants are warning yields could rise even farther. A surge in global inflation expectations has brought the average yield on sovereign debt due in a decade or more to the highest since July 2008, a Bloomberg gauge shows.

European Central Bank could hike rates as soon as next month. The European Central Bank may raise borrowing costs next month if the Iran war doesn't end, according to Governing Council member Pierre Wunsch and as reported by Bloomberg. Wunsch described market bets for interest rate increases as "reasonable" and said the ECB is at "the beginning of an inflation problem" with inflation already at 3%.

In other news, China imported a record amount of palladium last month, as local prices that have raced ahead of global ones lured inflows, Bloomberg reported. Palladium shipments into China jumped to 8.6 tons in April, almost triple the seasonal average, customs data released on Wednesday show. Investors were capturing the spread between the contracts on the Guangzhou Futures Exchange, which were launched in late November, and global spot prices, said Wang Yanhui, general manager at Shenzhen Yuexin Precious Metals Co. Ltd., a major refiner.

June gold futures prices are 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 this week’s high of $4,593.20 and then at $4,600.00. First support is seen at $4,450.00 and then at $4,400.00. Wyckoff's Market Rating: 4.0

July silver futures bulls see their 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 this week’s high of $79.40 and then at $80.00. Next support is seen at this week’s low of $73.345 and then at $72.00. Wyckoff's Market Rating: 5.0