Gold and silver prices are falling on Tuesday despite lower U.S. Treasury yields. Gold is trading near $4,500 per ounce, while silver remains slightly above $76, with a stronger U.S. dollar weighing on precious metals as oil prices surge.
- Markets are once again pricing in oil-related risk following U.S. strikes on selected targets in Iran, while uncertainty surrounding the Strait of Hormuz remains the key geopolitical transmission channel affecting energy, inflation expectations, and precious metals.
- Brent crude (OIL) rebounded above $96 per barrel and is gaining nearly 3%, while WTI crude (OIL.WTI) has returned to the $93 area. Higher oil prices and ongoing uncertainty in the Middle East may support higher inflation expectations, the U.S. dollar, and interest rates - ultimately putting pressure on gold.
- The S&P/Case-Shiller Home Price Index came in slightly below expectations, rising 0.8% YoY versus forecasts of 0.9%. Market attention is now shifting toward the Conference Board’s U.S. consumer confidence data.
GOLD (D1 chart)
Looking at the gold chart, the price remains below the 38.2% Fibonacci retracement and only slightly above the EMA200 (red line) as well as the 23.6% Fibonacci retracement near $4,450 per ounce. This area also marks a key support zone, additionally reinforced by the local March low. On the upside, the $4,670 area may serve as the nearest resistance zone, as it coincides with the 38.2% Fibonacci retracement and the latest bearish impulse (the large red candle from May 15).
Source: xStation5
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