AGE Daily Gold Update

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

5/21/2026: Gold, silver down on firmer USDX, uptick in bond yields

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold and silver futures prices are weaker near midday Thursday. The two precious metals are being pressured by a higher U.S. dollar index and an uptick in U.S. Treasury yields today. Technical selling is also featured in both markets. Losses in the two metals are being limited by a rally in crude oil prices today. Near midday, June gold was last down $25.50 at $4,509.80. July silver prices were down $0.396 at $75.77.

Fed’s FOMC minutes lean hawkish, also a negative for gold and silver. A majority of Federal Reserve officials warned the U.S. central bank would likely need to consider raising interest rates if inflation continued to run persistently above their 2% target. Wednesday afternoon’s minutes from the last FOMC meeting showed many FOMC members called for the Fed to drop its easing bias and signal its next move could be an interest-rate increase. The vast majority of members noted an increased risk that inflation would take longer to return to the FOMC’s 2% annually objective than they had previously expected.

Crude oil quickly erased overnight losses and rallied on news just out that Iran’s supreme leader said he does not want its enriched uranium sent abroad. That runs counter to a main U.S demand in the current peace negotiations between the U.S. and Iran. Crude oil prices will remain elevated the next 12 months. Oil market participants expect Brent crude oil to average $81 to $100 a barrel over the next 12 months due to demand slowing down to counter supply losses caused by the U.S.-Iran war, according to a Bloomberg survey of energy analysts. Nymex WTI is presently trading around $101.00 a barrel.

JP Morgan’s Dimon: interest rates going still higher. Jamie Dimon said interest rates may climb much higher from current levels, a warning to bond investors at a time when yields have touched multi-year highs. “They could be much higher than they are today,” the chairman and chief executive of JPMorgan Chase & Co. said in an interview with Bloomberg. The yield on the U.S. 10-year T-Note is presently 4.6%.

Worries about “the Asian contagion.” The U.S.-Iran war is piling pressure on emerging Asian markets, pushing some currencies and bond yields toward levels once considered unlikely. “As the conflict drags on, some analysts are mapping out more extreme bearish scenarios. That includes India’s rupee weakening to 100 per dollar, the Indonesian rupiah sliding to 18,000, and the Philippine peso depreciating to 65 as high energy prices fuel inflation and weigh on import-dependent economies.

Technically, 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 this week’s low of $4,455.00 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