AGE Daily Gold Update

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

5/22/2026: Gold, silver weaker on lingering inflation concerns

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold and silver futures prices are lower near midday Friday. The two precious metals continued to see buying interest limited by global inflation worries that could slow world economic growth. Losses in both metals are being trimmed by higher crude oil prices to end the trading week. Near midday, June gold was last down $33.70 at $4,508.00. July silver prices were down $0.837 at $75.91.

In U.S. data released today, consumer sentiment fell in May to a record low and long-term inflation expectations worsened notably due to the U.S.-Iran war. The University of Michigan’s final May sentiment index decreased 5 points to 44.8 from April, according to the survey released Friday. The gauge was weaker than all projections in a Bloomberg survey of economists as well as the preliminary reading of 48.2. Consumers expect prices to rise an annualized 3.9% over the next five to 10 years, up from 3.5% in April and the highest in seven months. They also saw costs advancing 4.8% over the next year.

Meantime, Federal Reserve Governor Christopher Waller said he supports making clear the U.S. central bank’s next interest-rate move is just as likely to be an increase as a cut, as the energy shock from the Iran war pushes up prices. Waller said his current position is to be patient in holding rates until the war’s impact is clearer, but he warned today that he wouldn’t rule out a future rate hike if inflation doesn’t start to slow soon. “Inflation is not headed in the right direction,” Waller said in a speech in Frankfurt.

U.S. stock market climbing a wall of worry. The S&P 500 is heading for its longest streak of weekly wins since 2023 despite dimming hopes that the U.S. and Iran are moving closer to a peace deal. Unrelenting enthusiasm for artificial intelligence keeps on driving equities higher. The S&P 500 stock index is on track for an eighth straight week of gains. Equities are looking to end the week on a positive note, shaking off worries that severe disruptions to energy flows could stoke inflation.

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