(Kitco NewsWire) - Spot gold prices are firmer and spot silver prices are also higher after the close Friday, as oil prices fell on U.S.-Iran deal hopes, Treasury yields ended the week lower and U.S. equities rose into the weekend. At the time of writing, spot gold was trading near $4,217.00 an ounce, up 0.13%, while spot silver was trading at $67.985, up 0.94% on the session.
This week’s inflation data remains the main macro anchor for precious metals. May consumer prices rose 4.2% from a year earlier, while producer prices rose 6.5%, keeping the Fed-rate channel restrictive even as Friday’s oil selloff eased part of the energy-inflation pressure that dominated the midweek trade. Gold stabilized into the close, but the metal remains below the moving-average resistance zone that has capped rebounds since the post-payrolls breakdown.
President Donald Trump’s decision to call off renewed strikes and the prospect of a deal that could reopen the waterway pushed crude sharply lower, with Brent down 3.4% and front-month WTI also down nearly 4%. That move lowered the inflation-risk premium in Treasuries, supported equities and reduced the need for a clean safe-haven bid in gold. For silver, the cross-current is cleaner but not bullish enough to erase the technical damage: lower yields help, while weaker crude signals less stress in the industrial and inflation cycle.
U.S. stocks finished higher as the oil decline and SpaceX’s market debut supported risk appetite. The S&P 500 rose 37.16 points, or 0.5%, to 7,431.46, the Dow Jones Industrial Average added 353.51 points, or 0.7%, to 51,202.26 and the Nasdaq Composite gained 79.18 points, or 0.3%, to 25,888.84. The Russell 2000 rose 22.96 points, or 0.8%, to 2,943.99.
The key outside markets see Nymex WTI crude oil prices sharply lower and trading around $84.38 a barrel, while Brent crude was near $87.31. The U.S. dollar index is softer. The benchmark 10-year U.S. Treasury yield ended the week lower, with no approved live DXY level included.
Technically, spot gold bulls’ next upside price objective is to push prices back above the $4,194.00 to $4,250.00 resistance zone, with a sustained move targeting the 50-day moving average at $4,446.69 and then the bull-bear line at $4,481.78. Bears’ next near-term downside price objective is a break below $4,104.00, with deeper downside targets at $4,023.87 and then $4,000.00. First resistance is seen at $4,194.00 and then at $4,250.00. First support is seen at $4,104.00 and then at $4,023.87.
Spot silver bulls’ next upside price objective is to drive prices back above the $68.53 to $72.47 resistance zone, with a move above that zone targeting $74.00 and then $76.00. The next downside price objective for the bears is a break below $66.09, with deeper downside targets at $62.15 and then $58.00. First resistance is seen at $68.53 and then at $72.47. Next support is seen at $66.09 and then at $62.15.
