AGE Daily Gold Update

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

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

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

6/4/2026: P.M. roundup: Gold, silver gain, as U.S. monthly jobs report on deck

Source: Jim Wyckoff, American Gold Exchange

Austin — Gold and silver prices are moderately higher in near midday Thursday, on a corrective rebound from selling pressure seen 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 morning’s highly anticipated U.S. monthly jobs report. A weaker U.S. dollar index and a slight dip in U.S. Treasury yields today are also working in favor of the gold and silver markets bulls. August gold was last up $33.40 at $4,499.80. July silver prices were up $0.216 at $73.875.

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.

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. 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 lower and trading around $93.00 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 this week’s high of $4,577.30 and then at $4.600.00. 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