AGE Daily Gold Update

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

6/4/2026: A.M. roundup: Gold, silver see corrective bounces in choppy trading

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold and silver prices are moderately higher in early U.S. trading Thursday, on a corrective rebound from selling pressure Wednesday. Trading has been choppy and sideways in gold and silver the past week, as traders await a fresh fundamental spark to break prices out of their near-term trading ranges. That spark could come with Friday’s U.S. monthly jobs report. A weaker U.S. dollar index and a dip in U.S. Treasury yields today are also working in favor of the gold and silver markets bulls. August gold was last up $51.60 at $4,519.00. July silver prices were up $0.526 at $74.24.

In overnight news, Latest on U.S.-Iran war…

— Israel, Lebanon agree to ceasefire

— Iran says no progress in U.S. talks as Lebanon sees more clashes

— Crude oil dips after Israel-Lebanon ceasefire even as clashes persist

— Republican-led U.S. House votes to stop Iran war, rebuking Trump

— Trump downplays threats of Hormuz mines, touts alternate route

Iran said there had been no recent progress in talks with the U.S. over an interim peace deal, while fighting persisted in Lebanon despite Washington’s declaration of a ceasefire between Israel and the country. The U.S. and Iran are struggling to finalize the details of a deal that is meant to see the sides extend their truce by two months and Iran reopen the Strait of Hormuz to commercial ships. Clashes continued in southern Lebanon overnight, with no reports of Hezbollah attacks into northern Israel since the ceasefire announcement, and no immediate indication whether Hezbollah had accepted the agreement. Still, both Iran and the U.S. broadly say the talks are ongoing and signal they want to reach a deal, which would lead to more and complicated discussions on Tehran’s nuclear program.

Challenger reports U.S. job cuts, due to artificial intelligence. U.S.-based employers announced 97,006 job cuts in May, the most since January, compared to 83,387 in April, according to this morning’s Challenger job-cuts report. It is the highest May total since 2020 and also marks the third straight month that cuts have risen. AI was the main reason for the cuts, leading for a third straight month. Technology announced 38,242 job cuts in May, the highest monthly total for the sector since August 2024. Transportation (6,909), services (6,288) and fintech (5,731) followed. “On top of the headline AI story, we’re seeing a sharp rise in cuts tied to acquisitions and mergers and a jump in bankruptcy-related losses, which tells me companies are restructuring aggressively as they reposition for an AI-driven economy,” said Andy Challenger from Challenger, Gray & Christmas. TradingEconomics.com

Asian countries bolstering their currency defenses. Asian authorities are ramping up their currency defenses as high energy costs and bets that the Federal Reserve will raise interest rates pressure them. Authorities in countries such as South Korea, Indonesia and Japan are intensifying interventions to stabilize their currencies, which have dropped to record or near-record lows. “Regional central banks and authorities are on high alert due to tough and fast-market conditions, with a strong U.S. dollar and elevated oil prices pressuring regional foreign exchange,” said a Bloomberg report. The South Korean won fell to the lowest since 2009 even as the government pledged to curb excessive volatility, underscoring the pressure some Asian currencies face as the Iran war drags on.

The key outside markets today see the U.S. dollar index weaker, while Nymex WTI crude oil prices are weaker and trading around $95.00 a barrel. The yield on the benchmark 10-year U.S. Treasury yield is presently 4.48%.

Technically, August 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 $4,819.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,250.00. First resistance is seen at Wednesday’s high of $4,525.10 and then at this week’s high of $4,577.30. First support is seen at the overnight low of $4,450.10 and then at the May low of $4,395.60. 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 $77.355 and then at last week’s high of $79.25. Next support is seen at the May low of $72.00 and then at $70.00. Wyckoff's Market Rating: 5.0

6/3/2026: A.M. roundup: Gold, silver weaker amid firmer USDX, uptick in bond yields

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold and silver prices are moderately lower in early U.S. trading Wednesday and seeing some pressure from a firmer U.S. dollar index and rising U.S. Treasury yields at mid-week. The precious metals bulls are getting no traction from a rally in crude oil prices today. August gold was last down $26.80 at $4,492.00. July silver prices were down $0.846 at $74.74.

In overnight news, India’s central bank said a report that it’s selling gold is “not correct,” pointing to data showing its physical stock of gold has remained unchanged. Latest figures in the Reserve Bank of India’s Monthly Bulletin show the stock of physical gold was steady at 880.52 metric tons during April. The stock was at that level “as on date,” the central bank said in a statement Wednesday. Separately, the Press Information Bureau said in a post on X that the share of gold in India’s foreign exchange reserves rose to 16.7% by March 31 from about 14% at the end of September. Bloomberg Economics estimated in a report Tuesday that the central bank likely sold gold reserves worth about $12 billion in the two weeks through May 22, while buying $7.5 billion of foreign-currency assets.

Latest on U.S.-Iran war. U.S. forces intercepted Iranian ballistic missiles and drones aimed at neighboring Middle East countries and struck a command center in Iran in response. The exchange followed days of Israeli military escalation against Iran-backed Hezbollah in Lebanon, prompting a phone call between President Donald Trump and Israeli Prime Minister Benjamin Netanyahu that was reportedly intense. Tensions remain high after the U.S. attacked Iranian radar and command-and-control sites, with Iran trying to target an air base in retaliation and the U.S. and Israel having different ideas about what an end to the war should look like. “The U.S. president also faces the challenge of convincing observers — including oil-market traders — that he can break the conflict’s recurring cycle of escalation and diplomacy,” Bloomberg reported.

U.S. ADP jobs data out today. The U.S. economic data point of the day Wednesday is the ADP jobs report for May, which is seen coming in at up 110,000 jobs in the month. The April ADP report showed a rise of 109,000 jobs. Today is the start of “jobs week” for the U.S. marketplace, with a slate of indicators on the labor market culminating on Friday with the government’s official report on employment for May, issued by the Labor Department. The median estimates in a Bloomberg survey of economists see the unemployment rate holding steady at 4.3% in May, while payrolls are expected to rise by 89,000 jobs.

OECD warns of global recession, rising inflation… The Paris-based OECD think tank says the conflict in the Middle East could trigger world economic recessions and significantly stronger inflation, with price pressures and weakened demand set to be felt for some time. The organization presented a scenario of prolonged confrontation and economic fallout that would trigger the deepest global slowdown for 40 years, outside of the Covid pandemic and the 2009 financial crisis. Should disruptions persist into 2027, global growth would slip to 1.8%, tipping some economies into or close to recession, driving up unemployment, weakening investment — including in artificial intelligence — and increasing the risk of repricing on financial markets, the OECD said.

The key outside markets today see the U.S. dollar index slightly up, while Nymex WTI crude oil prices are solidly higher and trading around $96.00 a barrel. The yield on the benchmark 10-year U.S. Treasury yield is presently 4.483%.

Technically, August gold 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 $4,819.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,250.00. First resistance is seen at the overnight high of $4,525.10 and then at this week’s high of $4,577.30. First support is seen at $4,450.00 and then at the May low of $4,395.60. 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 $77.355 and then at last week’s high of $79.25. Next support is seen at this week’s low of $73.505 and then at the May low of $72.00. Wyckoff's Market Rating: 5.0

6/3/2026: P.M. roundup: Gold, silver down USDX rallies, bond yields up-tick

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold and silver prices are lower near midday Wednesday. The two metals are seeing some selling pressure from a higher U.S. dollar index and rising U.S. Treasury yields. The precious metals bulls are getting no traction from a rally in crude oil prices. Technical selling is also featured in gold as prices are in a downtrend on the daily bar chart. August gold was last down $34.90 at $4,485.00. July silver prices were down $1.386 at $74.165.

In today’s economic news, the ADP jobs report showed U.S. private businesses added a net 122,000 jobs in May, a new high since January 2025, compared to a downwardly revised 105,000 in April and above forecasts of 117,000. "Hiring was more broad-based in May than we've seen in the last few years. The labor market continues to show sustained momentum going into the summer hiring season", according to Dr. Nela Richardson Chief Economist at ADP. The report had no significant impact on markets.

Today was the start of “jobs week” for the U.S. marketplace, with a slate of indicators on the labor market culminating on Friday with the government’s official report on employment for May, issued by the Labor Department. The median estimates in a Bloomberg survey of economists see the unemployment rate holding steady at 4.3% in May, while payrolls are expected to rise by 89,000 jobs.

OECD warns of global recession, rising inflation… The Paris-based OECD think tank says the conflict in the Middle East could trigger world economic recessions and significantly stronger inflation, with price pressures and weakened demand set to be felt for some time. Should disruptions persist into 2027, global growth would slip to 1.8%, tipping some economies into or close to recession and driving up unemployment, the OECD said.

The key outside markets today see the U.S. dollar index higher, while Nymex WTI crude oil prices are higher and trading around $95.00 a barrel. The yield on the benchmark 10-year U.S. Treasury yield is presently 4.483%.

Technically, August gold 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 $4,819.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,250.00. First resistance is seen at the overnight high of $4,525.10 and then at this week’s high of $4,577.30. First support is seen at $4,450.00 and then at the May low of $4,395.60. 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 $77.355 and then at last week’s high of $79.25. Next support is seen at $73.00 and then at the May low of $72.00. Wyckoff's Market Rating: 5.0

6/2/2026: A.M. roundup: Gold, silver prices gain on corrective bounces

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold and silver prices are posting decent gains in early U.S. trading Tuesday, supported by some perceived bargain-basement buying from the shorter-term futures traders, following recent selling pressure. A weaker U.S. dollar index and a dip in U.S. Treasury yields today are also price-friendly for the precious metals markets. August gold was last up $52.50 at $4,559.00. July silver prices were up $1.361 at $76.60.

Commodity markets in “super-bull” cycle: HSBC. Commodities are in a “super-squeeze” that will worsen if the Strait of Hormuz remains effectively shut, according to HSBC Holdings Plc and as reported by Bloomberg. “The longer the strait is closed, the more inventories are run down, the more likely it is that we reach ‘tipping points’ in the markets for some commodities,” analysts said in a report. Raw materials hit a record in mid-May, before paring gains as the U.S. stepped up efforts to extend a truce in its war with Iran. Beyond the Middle East, HSBC’s broad outlook also highlighted other bullish factors for commodities, including rising consumption for base metals and a looming El Niño weather event that may hurt crop supplies. The overall commodities cycle remains in a so-called super-bull phase, but “this is very different to earlier ‘super-cycles’, because it is driven by supply disruptions,” the analysts said. “Rather than a ‘super-cycle’, we have been calling it a ‘super-squeeze’,” they said.

Latest on U.S.-Iran war…

—Trump aims to calm Lebanon tensions to keep peace talks alive

— Analysts tell OPEC+ Hormuz disruption to last through year end

President Trump says he thinks the U.S. can reach an interim peace deal with Iran soon, with discussions continuing "at a rapid pace." Iran's negotiators are discussing their "final text" to send to the U.S., but are wary of the U.S. due to previous breached pledges. A ceasefire in Lebanon is a key part of the potential memorandum of understanding between the U.S. and Iran, with Iran insisting on a stop to fighting as part of the deal.

Euro zone inflation above 3% annually. Euro zone inflation topped 3% for the first time in more than 2 1/2 years, cementing expectations for an interest-rate hike when the European Central Bank meets next week. Consumer prices rose 3.2% from a year ago in May, up from 3% the previous month, Eurostat said Tuesday. That’s in line with the median estimate in a Bloomberg survey. Core inflation, which excludes volatile items like food and energy, quickened more than anticipated to 2.5%, while the closely watched services gauge jumped to 3.5%.

The key outside markets today see the U.S. dollar index slightly down, while Nymex WTI crude oil prices are lower and trading around $91.00 a barrel. The yield on the benchmark 10-year U.S. Treasury yield is presently 4.437%.

Technically, August 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 $4,819.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,250.00. First resistance is seen at this week’s high of $4,577.30 and then at $4,600.00. First support is seen at $4,500.00 and then at this week’s low of $4,476.00. 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 $77.50 and then at last week’s high of $79.25. Next support is seen at this week’s low of $73.505 and then at the May low of $72.00. Wyckoff's Market Rating: 5.0

6/2/2026: P.M. roundup: Gold, silver up as USDX weaker, bond yields dip

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold and silver prices are higher near midday Tuesday but down from overnight highs. The two precious metals are seeing modest support from some perceived bargain-hunting from the shorter-term futures traders. A slightly weaker U.S. dollar index and a dip in U.S. Treasury yields today are also positives for the precious metals markets. August gold was last up $27.50 at $4,533.30. July silver prices were up $0.921 at $76.20.

U.S. economic data today saw bob openings increase by 731,000 to 7.618 million in April, the highest since November of 2024 and well above market expectations of 6.88 million. This highlights U.S. labor market resilience despite rising energy costs from the Iran conflict. The report falls into the camp of the U.S. monetary policy hawks, who want to see higher interest rates from the Federal Reserve. The data was also a bit negative for gold and silver markets.

Commodity markets in “super-bull” cycle: HSBC. Commodities are in a “super-squeeze” that will worsen if the Strait of Hormuz remains effectively shut, according to HSBC Holdings Plc and as reported by Bloomberg. “The longer the strait is closed, the more inventories are run down, the more likely it is that we reach ‘tipping points’ in the markets for some commodities,” analysts said in a report. Raw materials hit a record in mid-May, before paring gains as the U.S. stepped up efforts to extend a truce in its war with Iran. Beyond the Middle East, HSBC’s broad outlook also highlighted other bullish factors for commodities, including rising consumption for base metals and a looming El Niño weather event that may hurt crop supplies. The overall commodities cycle remains in a so-called super-bull phase, but “this is very different to earlier ‘super-cycles’, because it is driven by supply disruptions,” the analysts said. “Rather than a ‘super-cycle’, we have been calling it a ‘super-squeeze’,” they said.

The other key outside markets today see Nymex WTI crude oil prices near steady and trading around $92.00 a barrel. The yield on the benchmark 10-year U.S. Treasury yield is presently around 4.35%.

Technically, August 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 $4,819.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,250.00. First resistance is seen at this week’s high of $4,577.30 and then at $4,600.00. First support is seen at $4,500.00 and then at this week’s low of $4,476.00. 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 $77.50 and then at last week’s high of $79.25. Next support is seen at this week’s low of $73.505 and then at the May low of $72.00. Wyckoff's Market Rating: 5.0

6/1/2026: A.M. roundup: Gold price down on chart-based selling

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold prices are lower in early U.S. trading Monday, with technical selling featured as the daily bar chart favor the bearish camp amid a price downtrend in place. Silver prices are modestly up. A firmer U.S. dollar index to start the month of June is a negative outside-market influence on the precious metals. Metals bulls are not getting much traction from solidly higher crude oil prices to start the trading week and month. August gold was last down $54.50 at $4,537.90. July silver prices were up $0.185 at $76.06.

Latest on U.S.-Iran war…

—Trump says peace deal will “work out well” even as U.S., Iran clash

— Israel expands Lebanon assault with Iran-U.S. peace talks in the balance

—U.S. says deals with Iran for safe Hormuz transit are prohibited

— Europe Is facing up to a painful vulnerability to drone warfare

—Americans injured in Iranian missile strike on Kuwaiti air base

— Strait of Hormuz ship transits are rising thanks to U.S. help

— Bessent says, “we’ll see” on potential Iran sanctions relief

Mixed economic data from China, but still overall downbeat. China’s factory activity slowed in May as disruptions from a five-day break added to pressures on global demand and input costs from the continuing conflict in the Middle East. The official manufacturing purchasing managers’ index fell to 50.0 from 50.3 in April, while the non-manufacturing measure of activity rose to 50.1 from 49.4 last month. A reading below 50.0 suggests contraction in the sector. China’s economy is showing signs of faltering after a strong first quarter, with growth slowing across the board in April, prompting economists to call for stronger monetary and government policy support.

Key monthly U.S. jobs report out this Friday. It’s jobs week for the U.S. marketplace, with a slate of indicators on the labor market culminating on Friday with the government’s official report on employment for May, issued by the Labor Department. The median estimates in a Bloomberg survey of economists see the unemployment rate holding steady at 4.3% in May, while payrolls are expected to rise by 89,000 jobs. Other labor market indicators to watch this week include April job openings, ADP Research’s monthly report on private-sector hiring, ISM’s services PMI, plus the monthly Challenger, Gray & Christmas Inc. report on job-cut announcements, and the weekly data on U.S. jobless claims.

Technically, gold 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 $4,819.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,250.00. First resistance is seen at the overnight high of $4,577.30 and then at last week’s high of $4,627.10. First support is seen at $4,500.00 and then at $4,450.00. 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 $77.50 and then at last week’s high of $79.25. Next support is seen at the May low of $72.00 and then at $70.00. Wyckoff's Market Rating: 5.0

6/1/2026: P.M. roundup: Gold sharply down as USDX rallies, bond yields up-tick

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold prices are solidly lower, with silver also under pressure near midday Monday. Overnight losses in gold were extended, while silver erased its overnight gains, on reports Iran has pulled out of peace talks with the U.S. That news rallied the U.S. dollar index and pushed up U.S. Treasury yields—both negatives for the precious metals markets. Technical selling is also featured in gold as the daily bar chart favor the bearish camp amid a price downtrend in place. Metals bulls are not getting any traction from strong gains in crude oil prices to start the trading week and month. August gold was last down $96.20 at $4,497.50. July silver prices were down $0.96 at $74.94.

News reports said Iran will halt talks with the U.S. in protest for Israel’s expanded ground assault in Lebanon, escalating tensions as Washington and Tehran seek to reach an interim peace agreement. Negotiators will suspend “talks and the exchange of documents through mediators” the semi-official Tasnim new agency reported, citing a statement.

Also supporting the USDX and boosting bond yields, today’s U.S. ISM Manufacturing PMI rose to 54 in May 2026 from 52.7 in each of the previous two months and beating forecasts of 53. The reading pointed to the strongest expansion in the factory sector since May 2022. This report falls into the camp of the U.S. monetary policy hawks, who want the Federal Reserve to raise rates sooner rather than later. That’s also a bearish scenario of the gold and silver markets.

The key outside markets see the USDX up 0.428 on the day. Nymex crude oil prices are up around $6.00 a barrel and trading around $93.50. The yield on the 10-year U.S. Treasury note is presently 4.508%.

It’s jobs week for the U.S. marketplace, with a slate of indicators on the labor market culminating on Friday with the government’s official report on employment for May, issued by the Labor Department. The median estimates in a Bloomberg survey of economists see the unemployment rate holding steady at 4.3% in May, while payrolls are expected to rise by 89,000 jobs. Other labor market indicators to watch this week include April job openings, ADP Research’s monthly report on private-sector hiring, ISM’s services PMI, plus the monthly Challenger, Gray & Christmas Inc. report on job-cut announcements, and the weekly data on U.S. jobless claims.

Technically, gold 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 $4,819.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,250.00. First resistance is seen at the overnight high of $4,577.30 and then at last week’s high of $4,627.10. 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 the overnight high of $76.565 and then at last week’s high of $79.25. Next support is seen at the May low of $72.00 and then at $70.00. Wyckoff's Market Rating: 5.0

5/29/2026: P.M. Roundup: Gold rallies on prospects for extended U.S.-Iran ceasefire

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold futures prices were sharply higher near midday Friday and headed for a technically bullish weekly high close to end the trading week. Silver prices were near steady. The yellow metal saw follow-through buying interest due in part to better optimism the U.S. and Iran will end their hostilities and reopen the Strait of Hormuz. The U.S. dollar index slipped and U.S. Treasury yields dipped, further supported gold. Near midday, August gold was last up $66.20 at $4,599.30. July silver prices were up $0.05 at $75.97.

An end to the U.S.-Iran war would very likely drop crude oil prices even more than what has been seen the past week, suggesting less inflationary pressures which in turn could allow major central banks to ease their monetary policies. That’s a bullish scenario for the metals market. Also, lower energy prices would boost consumer confidence and spending in major economies such as China and India—whose citizens like to buy gold jewelry with expendable income.

In U.S. economic data today, the Chicago Business Barometer surged to 62.7 in May of 2026 from 49.2 in the previous month, the highest in over four years. The sharp recovery in the index reflected fresh traction in business activity, after the tight supply of energy due to the war in the Middle East lifted energy prices and dented consumers' purchasing power at the start of the second quarter.

Also, the U.S. goods deficit narrowed to $82.4 billion in April 2026 from $85.3 billion in March, according to preliminary data. Exports surged 4% to a record $219.7 billion, driven by strong sales of capital goods (up 7.5%), industrial supplies (up 2.1%), and consumer goods (up 7.8%), though exports of vehicles and foods fell by 2.8% and 0.3%, respectively. Meanwhile, imports rose at a slower pace of 1.9% to $302.1 billion. Increases in capital goods (up 5.6%) and foods (up 0.3%) were partially offset by declines in industrial supplies (down 1.9%), vehicles (down 1.5%), and consumer goods (down 1.0%).

The U.S. and Iran have reached a preliminary deal to extend a ceasefire by 60 days and discuss the future of Tehran’s nuclear program, according to a person with knowledge of the matter and as reported by Bloomberg. Vice President J.D. Vance said the U.S. and Iran are “going back and forth on a couple of language points,” including over issues relating to Tehran’s nuclear capabilities, and that Iran appears to be negotiating in good faith.

The key outside markets today see the U.S. dollar index weaker, while Nymex WTI crude oil prices are lower and trading around $87.50 a barrel. The yield on the benchmark 10-year U.S. Treasury yield is presently 4.45%.

Technically, August gold futures prices are still trending down on the daily bar chart but the bulls have gained some momentum late this week. Bulls’ next upside price objective is to produce a close above solid resistance at the May high of $4,819.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,250.00. First resistance is seen at $4,650.00 and then at $4,700.00. First support is seen at $4,500.00 and then at $4,450.00. Wyckoff's Market Rating: 4.5

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 $77.50 and then at this week’s high of $79.25. Next support is seen at this week’s low of $72.00 and then at $70.00. Wyckoff's Market Rating: 5.0

5/28/2026: P.M. Roundup: Gold sees modest corrective price gains

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold futures prices are mildly higher near midday Thursday, after dropping to a two-month low overnight. Silver prices are near steady after sinking to a four-week low in the overnight trade. Gold is seeing an upside price correction following recent losses. The two precious metals markets need a fresh fundamental spark to reignite the bulls. Near midday, August gold was last up $18.90 at $4,500.40. July silver prices were down $0.05 at $74.85.

In U.S. economic data today, U.S. personal consumption expenditures (PCE) rose 0.5% month-over-month in April, slowing from a 1.0% gain in March. Spending on goods led PCE higher as energy prices continue to rise. PCE rose 3.8% year-over-year, the highest since May 2023. Core PCE, the Federal Reserves preferred inflation gauge, rose 0.2% month-over-month, down from 0.3% in March. Year-over-year, core PCE rose 3.3%, up from 3.2% in March. These numbers fell into the camp of the U.S. monetary policy hawks, who want to see interest rates rise. The PCE data also favored the gold and silver markets bears.

More inflation warnings from Federal Reserve. Federal Reserve Vice Chair Philip Jefferson says he expects inflation to cool later this year as the effects of tariffs and higher energy costs wear off, though he warned inflationary risks remain tilted to the upside. In the text of a speech he’s scheduled to deliver Thursday morning in Tokyo at a conference hosted by the Bank of Japan, Jefferson said he is watching for signs that higher energy costs stemming from the Iran war are dragging on consumer spending. He also cautioned that he continues to see signs of labor market weakness. Jefferson repeated his view that the central bank’s current policy setting is well positioned to respond to any developments. Meantime, Federal Reserve Governor Lisa Cook on Wednesday said inflation is headed in the wrong direction and she would be prepared to raise interest rates if that persists. Cook said the risks remain tilted toward higher inflation and that five years of inflation above the Fed's 2% target poses the risk that price pressures will become embedded into price- and wage-setting behavior. The Fed’s June 16-17 meeting will be the first led by the new chairman, Kevin Warsh.

The key outside markets today see the U.S. dollar index weaker, while Nymex WTI crude oil prices are slightly up and trading around $89.00 a barrel. The yield on the benchmark 10-year U.S. Treasury yield is presently 4.5%.

Technically, August 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 $4,600.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,250.00. First resistance is seen at $4,500.00 and then at $4,600.00. First support is seen at $4,400.00 and then at $4,350.00. Wyckoff's Market Rating: 3.5

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 $75.00 and then at $77.50. Next support is seen at the overnight low of $72.00 and then at $70.00. Wyckoff's Market Rating: 4.5

5/27/2026: P.M. Roundup: Gold, silver pressured by slumping oil prices

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold and silver futures prices are solidly lower near midday Wednesday. June gold futures hit a five-week low. Strong losses in the crude oil markets this week are pressuring the two precious metals markets. Nymex crude oil dipped below $88.00 a barrel, intraday, today before rebounding to trade just above $90.00. Near midday, June gold was last down $65.80 at $4,436.80. July silver prices were down $1.826 at $74.78.

In U.S. economic data today, the Federal Reserve's Fifth District (Richmond, Va.) manufacturing index jumped by 10 points from the previous month to 13 in May, the highest since 2021, and well ahead of market expectations of 4. The result was aligned with broader signals of strength from manufacturing surveys in the U.S., despite the rise in energy prices and borrowing costs since March due to the war in the Middle East. That data fell into the camp of the U.S. monetary policy hawks, who want to see higher interest rates. The news was also a negative for the metals markets.

Latest on U.S.-Iran war. The U.S. is touting progress toward a peace deal with Iran to end the nearly three-month war, despite fresh hostilities and uncertainty over the Strait of Hormuz. One contentious issue under discussion is Iran’s $24 billion in frozen assets, with Tehran wanting half that amount released upon the signing of an agreement. Obstacles to a U.S.-Iran pact include Tehran’s reluctance to allow ships free passage through the Strait of Hormuz and Trump's desire for Iran to commit to handing over or destroying its stocks of highly enriched uranium. Those are big obstacles.

S&P 500, Nasdaq stock indexes power to record highs. Optimism around artificial intelligence, lower crude oil prices and easing bond yields have spurred traders to grow increasingly bullish on equities. The S&P 500 and Nasdaq 100 indexes have both hit record highs this week. Money flowing into the stock market is also bearish for the safe-haven metals, from a competing asset class perspective.

The key outside markets today see the U.S. dollar index slightly up, while Nymex WTI crude oil prices are solidly lower and trading around $91.00 a barrel. The yield on the benchmark 10-year U.S. Treasury yield is presently 4.46%.

Technically, June gold prices are trending down on the daily bar chart and the bulls gained more power today. Bulls’ next upside price objective is to produce a close above solid resistance at $4,600.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,340.00. First resistance is seen at $4,500.00 and then at this week’s high of $4,583.30. First support is seen at today’s low of $4,398.50 and then at $4,340.00. Wyckoff's Market Rating: 3.0

July silver futures bulls see their next upside price objective is closing prices above solid technical resistance at 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 this week’s high of $79.25. Next support is seen at last week’s low of $73.345 and then at $72.00. Wyckoff's Market Rating: 5.0