Jim Wyckoff - Daily Gold Market Updates

Gold prices are slightly lower and silver prices moderately down in early U.S. trading Wednesday. Technical selling has been featured in both metals lately, as the near-term charts are firmly bearish amid price downtrends in place. The stronger U.S. dollar of late, and the resulting rise in U.S. Treasury yields, have also been a bearish anchor for gold and silver markets. The precious metals bears are enjoying the old trading adage, “The trend is your friend.” August gold was last down $1.90 at $4,036.20. September silver prices were last down $0.772 at $59.14.

U.S.-Iran peace-talks see progress: U.S. administration official. U.S. negotiators Steve Witkoff and Jared Kushner held positive discussions with their Iranian counterparts in Qatar and progress is being made on technical talks with Iran, according to a senior administration official and as reported by Bloomberg, as the countries seek to turn an interim peace deal into a permanent end to the war. Talks between U.S. and Iranian officials via mediators are continuing Wednesday, AFP reported. Qatari officials had downplayed expectations for the new round of negotiations, saying that Witkoff and Kushner would not meet directly with their Iranian counterparts. The senior administration official, who spoke on condition of anonymity to provide an update on the discussions, said progress continued to be made in the separate technical talks, which are being carried out by lower-level representatives. The Wall Street Journal, citing unnamed U.S. officials, reported Tuesday evening that Trump had decided against resuming a broad military campaign, and told his staff that he didn’t mind if the negotiations extended beyond the Aug. 18 deadline.

Warsh to give first overseas speech as Fed chair. Kevin Warsh will make his first public appearance abroad as head of the Federal Reserve alongside peers from Europe and the U.K. at Sintra, Portugal, today. After his pledge last month to deliver price stability sent the U.S. dollar and shorter-dated Treasury yields higher, traders will be looking for further clues on the rate path for the year ahead. “Investors are increasingly shifting focus to growing price pressures in an economy that’s firing strongly, with expectations building for a solid payrolls report on Thursday,” said a Bloomberg report. “Given the absence of forward guidance from the Fed now, there is going to be intense focus on any comments” from Warsh, wrote Chris Turner, a foreign-exchange strategist at ING Bank NV. “A focus on price stability can keep the dollar bid.” “The pricing for a hike has moved up, but from where we are now, to get to a hike in July feels like a bit of a jump,” said another analyst.

Euro zone inflation drops more than expected. Euro zone consumer price inflation dropped to 2.8% in June 2026, year-on-year, down from 3.2% in May and below market expectations of a 3.0% annual rise, according to preliminary data. This marks the lowest rate since February, before the Iran war disrupted energy supplies and pushed oil prices higher, though it remains above the European Central Bank’s 2.0% annual target. Energy inflation eased significantly to 8.7% from 10.8%, while price growth also slowed for services (3.2% vs. 3.5%) and food, alcohol, and tobacco (1.6% vs. 1.9%). Non-energy industrial goods inflation held steady at 0.9%. The annual core rate, excluding energy and food, fell to 2.4% from 2.6% in May.

The key outside markets today see the U.S. dollar index modestly higher. August Nymex WTI crude oil prices are weaker and trading around $69.00 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 last week’s high of $4,238.10. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $3,750.00. First resistance is seen at this week’s high of $4,102.90 and then at $4,132.40. First support is seen at this week’s low of $3,955.40 and then at $3,900.00. Wyckoff's Market Rating: 2.0

September silver futures bulls see their next upside price objective is closing prices above solid technical resistance at $65.00. The next downside price objective for the bears is closing prices below solid support at $50.00. First resistance is seen at this week’s high of $60.91 and then at $62.06. Next support is seen at the June low of $56.13 and then at $55.00. Wyckoff's Market Rating: 2.0