Jim Wyckoff - Daily Gold Market Updates

Gold prices are solidly lower, with silver also under pressure near midday Monday. Overnight losses in gold were extended, while silver erased its overnight gains, on reports Iran has pulled out of peace talks with the U.S. That news rallied the U.S. dollar index and pushed up U.S. Treasury yields—both negatives for the precious metals markets. Technical selling is also featured in gold as the daily bar chart favor the bearish camp amid a price downtrend in place. Metals bulls are not getting any traction from strong gains in crude oil prices to start the trading week and month. August gold was last down $96.20 at $4,497.50. July silver prices were down $0.96 at $74.94.

News reports said Iran will halt talks with the U.S. in protest for Israel’s expanded ground assault in Lebanon, escalating tensions as Washington and Tehran seek to reach an interim peace agreement. Negotiators will suspend “talks and the exchange of documents through mediators” the semi-official Tasnim new agency reported, citing a statement.

Also supporting the USDX and boosting bond yields, today’s U.S. ISM Manufacturing PMI rose to 54 in May 2026 from 52.7 in each of the previous two months and beating forecasts of 53. The reading pointed to the strongest expansion in the factory sector since May 2022. This report falls into the camp of the U.S. monetary policy hawks, who want the Federal Reserve to raise rates sooner rather than later. That’s also a bearish scenario of the gold and silver markets.

The key outside markets see the USDX up 0.428 on the day. Nymex crude oil prices are up around $6.00 a barrel and trading around $93.50. The yield on the 10-year U.S. Treasury note is presently 4.508%.

It’s 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. Other labor market indicators to watch this week include April job openings, ADP Research’s monthly report on private-sector hiring, ISM’s services PMI, plus the monthly Challenger, Gray & Christmas Inc. report on job-cut announcements, and the weekly data on U.S. jobless claims.

Technically, 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 $4,577.30 and then at last week’s high of $4,627.10. First support is seen at $4,450.00 and then at $4,400.00. 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 the overnight high of $76.565 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

Gold prices are lower in early U.S. trading Monday, with technical selling featured as the daily bar chart favor the bearish camp amid a price downtrend in place. Silver prices are modestly up. A firmer U.S. dollar index to start the month of June is a negative outside-market influence on the precious metals. Metals bulls are not getting much traction from solidly higher crude oil prices to start the trading week and month. August gold was last down $54.50 at $4,537.90. July silver prices were up $0.185 at $76.06.

Latest on U.S.-Iran war…

--Trump says peace deal will “work out well” even as U.S., Iran clash

-- Israel expands Lebanon assault with Iran-U.S. peace talks in the balance

--U.S. says deals with Iran for safe Hormuz transit are prohibited

-- Europe Is facing up to a painful vulnerability to drone warfare

--Americans injured in Iranian missile strike on Kuwaiti air base

-- Strait of Hormuz ship transits are rising thanks to U.S. help

-- Bessent says, “we’ll see” on potential Iran sanctions relief

Mixed economic data from China, but still overall downbeat. China’s factory activity slowed in May as disruptions from a five-day break added to pressures on global demand and input costs from the continuing conflict in the Middle East. The official manufacturing purchasing managers’ index fell to 50.0 from 50.3 in April, while the non-manufacturing measure of activity rose to 50.1 from 49.4 last month. A reading below 50.0 suggests contraction in the sector. China’s economy is showing signs of faltering after a strong first quarter, with growth slowing across the board in April, prompting economists to call for stronger monetary and government policy support.

Key monthly U.S. jobs report out this Friday. It’s 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. Other labor market indicators to watch this week include April job openings, ADP Research’s monthly report on private-sector hiring, ISM’s services PMI, plus the monthly Challenger, Gray & Christmas Inc. report on job-cut announcements, and the weekly data on U.S. jobless claims.

Technically, 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 $4,577.30 and then at last week’s high of $4,627.10. First support is seen at $4,500.00 and then at $4,450.00. 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 the May low of $72.00 and then at $70.00. Wyckoff's Market Rating: 5.0