AGE Daily Gold Update

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

6/12/2026: Gold, silver see sharp, short-covering gains, perceived bargain buying

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold and silver futures prices are sharply up in early U.S. trading Friday, with short covering and perceived bargain hunting featured after prices hit seven-month lows on Thursday. Some better optimism on a U.S.-Iran peace deal is also working in favor of the gold and silver market bulls on this day, as metals traders reckon and end to the Middle East war would improve global demand prospects for metals. August gold was last up $122.30 at $4,236.30. July silver prices were last up $3.254 at $67.24.

Latest on U.S.-Iran war…

— Trump says Iran deal is close after scrapping new military strikes

— U.S.-Iran deal slowed by web of go-betweens facilitating peace talks

— Oil and gas prices extend slides on optimism over U.S.-Iran peace deal

— Benchmark Brent crude oil falls to over 3-month low on peace prospects

President Trump pulled back threatened military strikes against Iran in a stark reversal that came just hours after he vowed to hit the Islamic Republic “VERY HARD” and threatened to seize its oil infrastructure. Trump announced on social media the attacks were off, claiming again that a deal was close — without any confirmation from Iran, and described it as “a very strong memorandum of understanding that is a little conceptual,” which would restart shipping in the Strait of Hormuz. Iran’s semi-official news agency Fars said earlier Thursday that officials had not yet approved the text of any agreement with the U.S., citing an unnamed source, and talks remain stuck over several key issues, including the release of frozen Iranian funds and Iran’s demand for a ceasefire in Lebanon.

Blockbuster SpaceX stock IPO expected today… Shadow markets are pricing a SpaceX stock debut with a potential pop of at least 35%. Derivatives and perpetual futures markets are implying a market value of over $2.3 trillion, with prediction markets giving 70% odds of SpaceX stock closing above $2 trillion in total value on its first day. The pricing indicates strong investor appetite for assets at the intersection of AI and space infrastructure, which could bode well for upcoming initial public offerings and set a precedent for future mega-IPOs.

The key outside markets today see the U.S. dollar index slightly down, while Nymex WTI crude oil prices are lower, hit a seven-week low and are trading around $84.00 a barrel. The yield on the benchmark 10-year U.S. Treasury yield is presently 4.47%.

Technically, August gold futures prices are still trending down on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $4,500.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,000.00. First resistance is seen at the overnight high of $4,267.80 and then at $4,300.00. First support is seen at the overnight low of $4,191.10 and then at $4,150.00. Wyckoff's Market Rating: 3.0

July silver futures bulls see their next upside price objective is closing prices above solid technical resistance at $75.00. The next downside price objective for the bears is closing prices below solid support at $60.00. First resistance is seen at this week’s high of $69.18 and then at $70.00. Next support is seen at $65.00 and then at $63.00. Wyckoff's Market Rating: 2.5