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

6/11/2026: Gold, silver down ahead of U.S. PPI inflation data that may run hot

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold and silver futures prices are lower in early U.S. trading Thursday, with both markets notching seven-month lows overnight. More technical selling is featured today as gold and silver markets are in price downtrends on the daily bar charts. Metals traders are bracing for this morning’s U.S. producer price index, fearing it will run hot on inflation. August gold was last down $25.10 at $4,108.60. July silver prices were last down $0.83 at $63.94.

Today’s U.S. producer price index seen running hot. U.S. producer prices likely increased by 0.7% month-over-month in May, following a 1.4% surge in April, which was the largest monthly gain since March 2022. Energy prices are expected to remain a major driver of inflation, particularly gasoline and jet fuel. Core producer prices, which exclude the more volatile food and energy components, are forecast to rise by 0.5% in May, moderating from the 1% increase recorded in April. On an annual basis, however, headline producer inflation is projected to accelerate for a fourth consecutive month to 6.4%, up from 6% in April and marking its highest level since December 2022. Meanwhile, annual core producer inflation is expected to edge up to 5.4% annually, from 5.2%, also reaching its highest reading since December of 2022. The PPI report follows Wednesday’s consumer price index report for May that also ran hot.

Latest on U.S.-Iran war…

—U.S. steps up strikes against Iran

— Ship traffic thins in Persian Gulf as U.S.-Iran tensions intensify

— Trump vows more strikes on Iran today if it holds out on deal

The U.S. launched strikes against multiple targets in Iran for the second straight day after President Trump accused that country of dragging out talks on an interim peace deal. U.S. Central Command said it had begun "additional self-defense strikes" at 5:15 p.m. New York time on Wednesday, targeting surveillance systems, air defense sites and communications networks. Trump said in a Fox News interview that he had spoken with top Iranian officials Wednesday and they had asked him to halt the bombing, but he added the U.S. would hit Iran again if its leaders didn’t sign an agreement. At the same time, a growing number of oil tankers are moving through Hormuz, boosting the flow from a trickle to a stream. President Trump said on Wednesday that more than 100 million barrels have now crossed the waterway since a secret U.S. mission began supporting maritime trade in the region. Those offsets have helped bring oil prices down by more than a quarter since the war began, even though a lasting peace deal has remained elusive.

European Central Bank set to raise interest rates. The European Central Bank today is set to raise its interest rates for the first time since 2023 due to the upswing in inflation caused by the Iran war and spiking energy prices. Economists expect the deposit rate to be lifted by a quarter point to 2.25%, with new quarterly forecasts likely to suggest inflation will quicken further. Today’s ECB's decision must balance the need to address rising inflation with the risk of sparking a recession, as economic expansion is already sagging.

An Asian currency contagion? Asian central banks are increasingly facing currency pressures originating outside their borders, Bloomberg reported today. “From South Korea to India and the Philippines, policymakers have ramped up efforts to curb offshore forex speculation as high oil prices, foreign fund exodus and a strong dollar pressure regional currencies.” South Korea’s finance ministry said on Sunday it will step up oversight of offshore currency derivatives. The Philippines has asked banks to ensure non-deliverable forward contracts are limited to economic purposes, while India has tightened limits on banks’ net open position to $100 million. Indonesia, which unexpectedly raised interest rates on Tuesday, has said its central bank is active in currency markets “around the world, around the clock” to support the rupiah. “The warnings underscore concerns among Asian policymakers that offshore trading is adding to pressure on currencies. The oil-price shock from the U.S.-Iran conflict has worsened the problem, hitting the region’s energy-importing nations.

Technically, August gold futures are 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 $4,150.00 and then at $4,200.00. First support is seen at the overnight low of $4,046.20 and then at $4,000.00. Wyckoff's Market Rating: 3.0

July silver futures bulls see their next upside price objective for the bulls 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 $65.00 and then

6/11/2026: Gold, silver weaker following another hot U.S. inflation reading

Source: Jim Wyckoff, American Gold Exchange

Austin —

Gold and silver prices are lower in early U.S. trading Wednesday, with gold sharply down as both metals hit 10-week lows overnight. Technical selling is featured as gold and silver markets are trapped in price downtrends on the daily bar charts. Worries about higher global interest rates and the resulting higher bond yields are also keeping the gold and silver buyers very tentative at present. August gold was last down $99.10 at $4,188.00. July silver prices were last down $0.935 at $64.32.

Key U.S. inflation report on deck this morning. The annual inflation rate in the U.S. is expected to rise to 4.2% in May, marking its highest level since April 2023, from 3.8% in April. This would represent the third consecutive monthly acceleration in headline U.S. inflation, driven largely by higher gasoline prices following the energy shock triggered by the conflict with Iran. However, the broader pass-through to consumer prices is expected to remain relatively limited. On a monthly basis, consumer prices are projected to increase by 0.5% in May, following a 0.6% rise in April. Gasoline prices likely went up around 9%, but the fading impact of a one-off adjustment to rent data should have a moderating effect on inflation. Meanwhile, core inflation, which excludes volatile food and energy prices, is expected to edge up to 2.9% year-on-year, a fresh-high since September 2025, from 2.8% in April. On a monthly basis, core consumer prices are estimated to have risen by 0.3%, after increasing 0.4% in the previous month. TradingEconomics.com

Latest on U.S.-Iran war…

— U.S., Iran attack each other over Apache downed near Hormuz Strait

The U.S. and Iran exchanged strikes overnight after President Trump retaliated against Tehran for shooting down an American Apache helicopter. The U.S. military said it had completed an operation that saw fighter jets strike Iranian air defenses, ground control stations and radar sites near the Strait of Hormuz. Iran launched missiles on four American targets and fired drones at the U.S.'s main naval base in the Middle East, with no immediate reports of casualties in any of the attacks. The skirmishes further jolted a two-month-old truce and exposed the fragility of talks between the warring sides aimed at securing peace in the Middle East.

Global shipping price rates declining… A key measure of bulk shipping rates saw prices dropping for an eighth consecutive day as demand in the larger-vessel segments cooled. The Baltic Dry Index fell 3.4% to 2,818 points on Tuesday, marking its longest losing streak since mid-January. The fall in the Capesize market coincides with a rise in the number of ballasters, or vessels sailing without cargo, which can signal weakening demand relative to vessel supply. “It’s attributed to the recent loss of momentum in the Capesize segment, but we should note that it has still delivered the strongest first half of the year in the past three years,” said Maria Bertzeletou, a senior market analyst at Signal Group and as reported by Bloomberg. “The index has been on a tear this year, supported by strong demand and volatility linked to the conflict in the Middle East. The Capesize segment accounts for about 40% of the Baltic Dry Index and is the vessel class most exposed to iron ore, a key steelmaking ingredient,” said the report.

The key outside markets today see the U.S. dollar index slightly higher, while Nymex WTI crude oil prices are up and trading around $89.00 a barrel. The yield on the benchmark 10-year U.S. Treasury yield is presently 4.53%.

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 $4,500.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the March low of $4,162.60. First resistance is seen at the overnight high of $4,281.10 and then at $4,300.00. First support is seen at $4,162.60 and then at $4,100.00. 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 the March low of $61.66. First resistance is seen at $66.00 and then at $58.00. Next support is seen at $63.00 and then at $61.66. Wyckoff's Market Rating: 3.0

6/10/2026: Gold sees strong losses, hits 7-month low, on sticky U.S. inflation

Source: Jim Wyckoff, American Gold Exchange

Austin —

Gold futures prices are sharply lower and hit a nearly seven-month low near midday Wednesday. Silver prices are down and hit a 10-week low overnight. A key U.S. inflation report that is close to problematic pushed gold prices to session lows in early U.S. trading. Technical selling is also featured as gold and silver markets are trapped in price downtrends on the daily bar charts. August gold was last down $141.10 at $4,145.70. July silver prices were last down $0.69 at $64.53.

The annual consumer price inflation rate in the U.S. rose to 4.2% in May, marking its highest level since April 2023, from 3.8% in April and in line with market expectations. This represents the third consecutive monthly acceleration in headline inflation. Compared to the previous month, the CPI was up 0.5%, slightly less than 0.6% in April, and in line with forecasts. Meanwhile, the annual core inflation rate went up to 2.9% annually, a new high since September 2025, compared to 2.8% in April and matching forecasts.

The key outside markets today see the U.S. dollar index slightly higher, while Nymex WTI crude oil prices are up and trading around $89.50 a barrel. The yield on the benchmark 10-year U.S. Treasury yield is presently 4.53%.

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 $4,500.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the March low of $4,162.60. First resistance is seen at $4,200.00 and then at the overnight high of $4,281.10. First support is seen at $4,100.00 and then at $4,050.00. Wyckoff's Market Rating: 2.5

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 the March low of $61.66. First resistance is seen at $66.00 and then at $68.00. Next support is seen at $63.00 and then at $61.66. Wyckoff's Market Rating: 3.0

6/10/2026: Gold sharply down, at 10-week low, as U.S. CPI on deck

Source: Jim Wyckoff, American Gold Exchange

Austin —

Gold futures prices are sharply lower and hit a nearly seven-month low near midday Wednesday. Silver prices are down and hit a 10-week low overnight. A key U.S. inflation report that is close to problematic pushed gold prices to session lows in early U.S. trading. Technical selling is also featured as gold and silver markets are trapped in price downtrends on the daily bar charts. August gold was last down $141.10 at $4,145.70. July silver prices were last down $0.69 at $64.53.

The annual consumer price inflation rate in the U.S. rose to 4.2% in May, marking its highest level since April 2023, from 3.8% in April and in line with market expectations. This represents the third consecutive monthly acceleration in headline inflation. Compared to the previous month, the CPI was up 0.5%, slightly less than 0.6% in April, and in line with forecasts. Meanwhile, the annual core inflation rate went up to 2.9% annually, a new high since September 2025, compared to 2.8% in April and matching forecasts.

The key outside markets today see the U.S. dollar index slightly higher, while Nymex WTI crude oil prices are up and trading around $89.50 a barrel. The yield on the benchmark 10-year U.S. Treasury yield is presently 4.53%.

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 $4,500.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the March low of $4,162.60. First resistance is seen at $4,200.00 and then at the overnight high of $4,281.10. First support is seen at $4,100.00 and then at $4,050.00. Wyckoff's Market Rating: 2.5

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 the March low of $61.66. First resistance is seen at $66.00 and then at $68.00. Next support is seen at $63.00 and then at $61.66. Wyckoff's Market Rating: 3.0

6/9/2026: A.M. roundup: Gold, silver pause as fresh fundamental inputs awaited

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold and silver prices are near steady in early U.S. trading Tuesday. Precious metals traders are pausing early this week, awaiting a fresh fundamental spark to move the markets. That spark may come on Wednesday morning, with the release of the U.S. consumer price index for May. August gold was last up $0.80 at $4,364.80. July silver prices were last up $0.155 at $68.74.

“Treasury market is telling Kevin Warsh rates need to be higher.” That’s a headline from a Bloomberg story overnight. Yields on U.S. two-year Treasury notes have surged to their highest level in more than a year, with the two-year yield trading above the Fed's current policy band. The rise in U.S. yields has extended across the entire Treasury curve, creating a charged backdrop for Federal Reserve policymakers and their new chairman, Kevin Warsh. The market's assessment of the inflation-adjusted neutral rate is about 1.8%, higher than the median Fed estimate of 1.1% for the neutral rate after inflation. The FOMC meets next week to decide the latest U.S. monetary policy direction. The reset upwards only intensified last week after the latest read on U.S. job growth topped all forecasts, reinforcing a growing conviction that rates need to rise in order to rein in inflation pressures and temper the risk of an AI-induced boom overheating the economy. “On Wednesday, the release of consumer price index data for May has the potential to shift rates and Fed policy expectations,” said the report.

Latest on U.S.-Iran war…

— U.S. strikes India-crewed tanker that may have been Iran-bound

— Crude oil falls as Israel-Iran attacks halt and China slashes imports

President Trump said there is momentum toward ending the conflict with Iran after a halt to hostilities between Israel and Iran. Iran and Israel agreed to halt strikes on each other following a flare-up that saw both countries launch waves of ballistic missiles, with a ceasefire in place for about two months. Trump told reporters that "we're in the final throes of what will be a very, very good deal" and that they "could have at least an idea one or two days from now" about the deal.

The key outside markets today see the U.S. dollar index weaker, while Nymex WTI crude oil prices are lower and trading around $89.00 a barrel. The yield on the benchmark 10-year U.S. Treasury yield is presently 4.55%.

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 $4,627.10. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the March low of $4,162.60. First resistance is seen at $4,400.00 and then at $4,450.00. First support is seen at this week’s low of $4,293.00 and then at $4,250.00. Wyckoff's Market Rating: 3.0

July silver futures bulls see their next upside price objective is closing prices above solid technical resistance at $80.00. The next downside price objective for the bears is closing prices below solid support at the March low of $61.66. First resistance is seen at $69.00 and then at $70.00. Next support is seen at this week’s low of $66.305 and then at $65.00. Wyckoff's Market Rating: 3.0

6/8/2026: A.M. roundup: Gold, silver hit 10-wk. lows as greenback surges

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold and silver prices are lower and hit 10-week lows in early U.S. trading Monday. The precious metals are under selling pressure amid a rally in the U.S. dollar index to a nine-week high overnight, following Friday’s strong U.S. jobs report. That report fell squarely into the camp of the U.S. monetary policy hawks. After the report, the bond market priced in a quarter-point U.S. interest rate hike this year. That’s also bearish for the gold and silver markets. Technical selling is also featured in gold and silver futures to start the trading week, as the near-term chart postures for both metals are deteriorating. August gold was last down $14.40 at $4,351.00. July silver prices were last down $0.833 at $68.275.

In metals news, China’s central bank extended its gold-buying streak in May, adding to holdings as prices of the precious metal remained under pressure. Bullion held by the People’s Bank of China rose by 320,000 troy ounces last month, according to data released on Sunday. The latest addition extended its buying streak to 19 months, the longest since at least 2015, when the PBOC began publishing more regular updates on its gold reserves. Gold edged lower in May, marking a third consecutive monthly decline after it hit a record in late January. Persistent inflation concerns and expectations for higher-for-longer interest rates triggered by the war in the Middle East have weighed on the appeal of non-yielding assets. Global central-bank purchases have been a key pillar of support for bullion in recent years. Goldman Sachs Group Inc. said last month it expects the buying to be stepped up as geopolitical developments are likely to reinforce a push to diversify reserves.

Latest on U.S.-Iran war…

—Oil jumps as Iran and Israel exchange fire and tensions escalate

—U.S., Iran appear far from peace deal 100 days since war began

—U.S. floats steering frozen Iran assets to Gulf allies for repairs

—Asia-to-U.S. container rates spike 109% since Iran war started

—U.S. intercepts fresh Iranian attacks as peace talks stall

—Houthis to impose “complete ban” on Israeli ships in Red Sea

Trump still wants Fed interest rate cut. President Trump said over the weekend that Federal Reserve policymakers would be wrong to raise U.S. interest rates after a blowout U.S. jobs report Friday, while insisting he doesn’t want to influence Kevin Warsh before he chairs his first Fed meeting. “Nowadays when you have good reports, the market goes down because they think they’re going to raise interest rates,” Trump said in an interview with NBC’s Meet the Press that aired Sunday and as reported by Bloomberg. Raising the benchmark rate “is the wrong thing to do,” Trump said. “We should actually lower interest rates,” he said.

European Central Bank set to hike rates this week. A euro-zone interest-rate hike on Thursday is widely believed to place the European Central Bank at the vanguard of global tightening caused by the Iran war. The quarter-point increase expected for Thursday would be the most notable move so far, given that similar action in advanced economies has taken effect in much smaller jurisdictions.

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 $4,627.10. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the March low of $4,162.60. First resistance is seen at the overnight high of $4,377.50 and then at $4,400.00. First support is seen at the overnight low of $4,293.00 and then at $4,250.00. Wyckoff's Market Rating: 3.0

July silver futures bulls see their next upside price objective is closing prices above solid technical resistance at $80.00. The next downside price objective for the bears is closing prices below solid support at the March low of $61.66. First resistance is seen at $69.00 and then at $70.00. Next support is seen at the overnight low of $66.305 and then at $65.00. Wyckoff's Market Rating: 3.0

6/8/2026: P.M. roundup: Gold, silver down a bit, but well up from daily lows

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold and silver prices are just modestly lower in midday trading Monday, after both markets scored 10-week lows overnight. The precious metals were under stronger selling pressure early on, amid a rally in the U.S. dollar index to a nine-week high overnight, following Friday’s strong U.S. jobs report. That report fell into the camp of the U.S. monetary policy hawks. However, the shorter-term gold and silver bulls stepped to buy and at least temporarily stop the bleeding today and do some perceived bargain-basement buying. August gold was last down $5.10 at $4,360.50. July silver prices were last down $0.263 at $68.88.

President Trump said over the weekend that Federal Reserve policymakers would be wrong to raise U.S. interest rates after the blowout U.S. jobs report Friday, while insisting he doesn’t want to influence Kevin Warsh before he chairs his first Fed meeting. “Nowadays when you have good reports, the market goes down because they think they’re going to raise interest rates,” Trump said in an interview with NBC’s Meet the Press that aired Sunday and as reported by Bloomberg. Raising the benchmark rate “is the wrong thing to do,” Trump said. “We should actually lower interest rates,” he said.

Meantime, a euro-zone interest-rate hike on Thursday is widely believed to place the European Central Bank at the vanguard of global tightening caused by the Iran war. The quarter-point increase expected for Thursday would be the most notable move so far, given that similar action in advanced economies has taken effect in much smaller jurisdictions.

In other metals news, China’s central bank extended its gold-buying streak in May, adding to holdings as prices of the precious metal remained under pressure. Bullion held by the People’s Bank of China rose by 320,000 troy ounces last month, according to data released on Sunday. The latest addition extended its buying streak to 19 months, the longest since at least 2015, when the PBOC began publishing more regular updates on its gold reserves.

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 $4,627.10. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the March low of $4,162.60. First resistance is seen at the overnight high of $4,377.50 and then at $4,400.00. First support is seen at the overnight low of $4,293.00 and then at $4,250.00. Wyckoff's Market Rating: 3.0

July silver futures bulls see their next upside price objective is closing prices above solid technical resistance at $80.00. The next downside price objective for the bears is closing prices below solid support at the March low of $61.66. First resistance is seen at $70.00 and then at $71.00. Next support is seen at the overnight low of $66.305 and then at $65.00. Wyckoff's Market Rating: 3.0

6/5/2026: A.M. roundup: Gold, silver weaker just ahead of key U.S. jobs report

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold prices are a bit weaker and silver prices solidly down in early U.S. trading Friday—just ahead of what is arguably the most important U.S. data point of the month: the Labor Department’s Employment Situation Report for May. August gold was last down $15.10 at $4,490.30. July silver prices hit a five-week low overnight and were last down $1.146 at $72.835.

It’s Jobs, Jobs, Jobs Friday! This morning’s monthly employment situation report from the Labor Department is expected to show the U.S. economy added 85,000 non-farm payroll jobs in May, marking a modest slowdown after two consecutive months of non-farm payroll job gains exceeding 100,000. The unemployment rate is forecast to remain unchanged at 4.3%. Average hourly earnings are projected to rise 0.3% month-over-month, accelerating slightly from April’s 0.2% increase. On an annual basis, however, wage growth is expected to ease to 3.4% from 3.6%. The May report is expected to continue to reflect a resilient labor market, with the prevailing low-hire, low-fire dynamic remaining firmly in place. However, some analysts suggest that this dynamic may be evolving amid structural shifts in the economy, including rising adoption of AI and other emerging pressures.

Latest on U.S.-Iran war.

— U.S. and Iran show little progress in talks, after week of clashes

The U.S. and Iran have made little progress in talks over an interim peace deal, with clashes continuing in Lebanon. Iran insists on a ceasefire in Lebanon before accepting a deal with the U.S. to extend their truce and reopen the Strait of Hormuz. President Trump said negotiations are in the “final” stages, while Iran’s Foreign Minister Abbas Araghchi said there had been “no tangible progress” in the talks. Skirmishes continued overnight between Hezbollah and Israel in southern Lebanon. However, Hezbollah’s attacks on northern Israel have eased, while Israel has held off striking Beirut after threatening to do so earlier this week.

S&P 500 weekly winning streak on the line. The S&P 500 this week may break a historic weekly run of gains as the artificial-intelligence trade takes another leg lower, with investors also expecting U.S. payrolls data to affirm that interest rates will stay higher for longer. Contracts for the index dipped 0.5% overnight after a flat performance for the week so far. A slide today would mean that the benchmark misses out on a 10th week of gains, which would be the longest such streak since 1985. Nasdaq 100 futures fell a further 1% overnight, following Thursday’s rotation out of chipmakers. Stocks are pulling back after Broadcom Inc.’s outlook for chip sales fell short of high expectations, raising questions over whether the rally in the AI trade had run too hard,” said a Bloomberg report.

The key outside markets today see the U.S. dollar index weaker, while Nymex WTI crude oil prices are slightly weaker and trading around $93.00 a barrel. The yield on the benchmark 10-year U.S. Treasury yield is presently 4.47%.

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 Thursday’s high of $4,543.20 and then at this week’s high of $4,577.30. First support is seen at this week’s 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 the overnight high of $74.38 and then at this week’s high of $77.355. Next support is seen at the overnight low of $71.44 and then at $70.00. Wyckoff's Market Rating: 4.5

6/5/2026: P.M. roundup: Gold, silver slammed by strong U.S. monthly jobs report

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold and silver prices are sharply lower and hit nine-week lows Friday, in the wake of a surprisingly strong U.S. monthly jobs report that fell squarely into the camp of the U.S. monetary policy hawks, who want to see higher interest rates. A rally in the U.S. dollar index, a rise in U.S. Treasury yields and lower crude oil prices also worked to sink the metals markets to end the trading week. Gold and silver markets both headed for technically bearish weekly low closes today, which would suggest follow-through selling pressure early next week. August gold was last down $114.10 at $4,391.00. July silver prices were last down $4.436 at $69.57.

Surprisingly, the U.S. economy added 172,000 jobs in May, well above market forecasts for a rise of 85,000 and following an upwardly revised 179,000 gain in the April jobs report. This continues to point to a resilient U.S. labor market. In addition, upward revisions to the March figures added to the strength of the report, with employment levels in March and April now estimated to be 93,000 higher than previously reported. This prompted traders and investors to increase bets on a Federal Reserve interest rate hike, with markets now pricing in a quarter-point increase by year-end. That’s a bearish scenario for gold and silver markets—suggesting more U.S. dollar strength and rising Treasury yields.

S&P 500 weekly winning streak likely to end. The S&P 500 this week will likely break a historic weekly run of gains as the artificial-intelligence trade takes another leg lower. The slide today means the benchmark misses out on a 10th week of gains, which would be the longest such streak since 1985.

The key outside markets today see the U.S. dollar posting good gains, while Nymex WTI crude oil prices are lower and trading around $91.25 a barrel. The yield on the benchmark 10-year U.S. Treasury yield is presently 4.538%.

Technically, August gold futures prices are trending down on the daily bar chart and the bears gained more power today. Bulls’ next upside price objective is to produce a close above solid resistance at $4,627.10. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,250.00. First resistance is seen at $4,450.00 and then at $4,500.00. First support is seen at $4,350.00 and then at $4,300.00. Wyckoff's Market Rating: 3.0

July silver futures are also trending down. Bulls see their next upside price objective is closing prices above solid technical resistance at $80.00. The next downside price objective for the bears is closing prices below solid support at the March low of $61.66. First resistance is seen at $72.00 and then at today’s high of $74.38. Next support is seen at $68.00 and then at $67.00. Wyckoff's Market Rating: 3.0