Gold firms, silver rebounds near 200-day average as CPI looms
Spot gold prices are firmer and spot silver prices are also higher in early U.S. trading Tuesday, as oil prices pulled back, U.S. equity futures pointed higher and traders looked ahead to Wednesday’s May consumer price index. At the time of writing, spot gold was trading near $4,338.80 an ounce, up 0.20%, while spot silver was trading at $68.475, up 0.44% on the session.
The macro setup remains hostile for precious metals after Friday’s stronger-than-expected employment report. The 10-year Treasury yield is holding above the 4.5% area, the U.S. dollar index is near a two-month high and rate-hike expectations have moved higher before this week’s inflation data. The May CPI report is due Wednesday at 8:30 a.m. ET, with producer prices due Thursday at 8:30 a.m. ET.
The latest U.S.-Iran setup is being priced as contained disruption rather than a fresh supply shock. A U.S. Apache helicopter crashed early Tuesday near the waterway during a patrol, with both crew members rescued, while the region was still digesting Sunday’s Iran-Israel exchange and a strained ceasefire. President Donald Trump said an Iran deal could come in “two or three days,” but the talks remain blocked by uranium, sanctions and frozen-asset disputes.
The market impact is visible across assets: Brent crude fell back toward $93 a barrel after briefly topping $98 overnight, equity futures rose with tech shares, bond-market pressure remains tied to energy-driven inflation and gold is getting only residual geopolitical support because rates and the dollar remain the cleaner macro drivers.
U.S. equity futures pointed to a firmer open after Monday’s rebound in AI-linked technology shares. S&P 500 futures rose 0.3%, Dow futures were up less than 0.1% and Nasdaq-linked trading was supported by the continued tech recovery. South Korea’s Kospi jumped 8.2%, Japan’s Nikkei 225 gained 2.2% and Taiwan’s Taiex advanced 2.8%, while European bourses were mixed to firmer.
The key outside markets see Nymex WTI crude oil prices lower and trading around $89.76 a barrel, while Brent crude was near $93.00. The U.S. dollar index is near a two-month high. The yield on the benchmark 10-year U.S. Treasury note is trading above the 4.5% area.
Technically, spot gold bulls’ next upside price objective is to push prices back above the $4,437.03 to $4,481.78 resistance zone, with a sustained move targeting $4,595.33 and then the 50-day moving average. Bears’ next near-term downside price objective is a break below $4,268.48, with deeper downside targets at $4,239 and then the $4,200 to $4,275 target zone. First resistance is seen at $4,437.03 and then at $4,481.78. First support is seen at $4,300.00 and then at $4,268.48.
Spot silver bulls’ next upside price objective is to drive prices back above $71.84, with a move above that zone targeting the $72.00 to $74.00 supply area and then the 50-day moving average at $76.09. The next downside price objective for the bears is a break below the 200-day moving average at $67.92, with deeper downside targets at $66.16 and then the $61.00 to $60.83 zone. First resistance is seen at $71.84 and then at $72.00. Next support is seen at $67.92 and then at $66.16.
