Jim Wyckoff - Daily Gold Market Updates

Gold and silver prices are near steady in early U.S. trading Tuesday. Precious metals traders are pausing early this week, awaiting a fresh fundamental spark to move the markets. That spark may come on Wednesday morning, with the release of the U.S. consumer price index for May. August gold was last up $0.80 at $4,364.80. July silver prices were last up $0.155 at $68.74.

“Treasury market is telling Kevin Warsh rates need to be higher.” That’s a headline from a Bloomberg story overnight. Yields on U.S. two-year Treasury notes have surged to their highest level in more than a year, with the two-year yield trading above the Fed's current policy band. The rise in U.S. yields has extended across the entire Treasury curve, creating a charged backdrop for Federal Reserve policymakers and their new chairman, Kevin Warsh. The market's assessment of the inflation-adjusted neutral rate is about 1.8%, higher than the median Fed estimate of 1.1% for the neutral rate after inflation. The FOMC meets next week to decide the latest U.S. monetary policy direction. The reset upwards only intensified last week after the latest read on U.S. job growth topped all forecasts, reinforcing a growing conviction that rates need to rise in order to rein in inflation pressures and temper the risk of an AI-induced boom overheating the economy. “On Wednesday, the release of consumer price index data for May has the potential to shift rates and Fed policy expectations,” said the report.

Latest on U.S.-Iran war…

-- U.S. strikes India-crewed tanker that may have been Iran-bound

-- Crude oil falls as Israel-Iran attacks halt and China slashes imports

President Trump said there is momentum toward ending the conflict with Iran after a halt to hostilities between Israel and Iran. Iran and Israel agreed to halt strikes on each other following a flare-up that saw both countries launch waves of ballistic missiles, with a ceasefire in place for about two months. Trump told reporters that "we're in the final throes of what will be a very, very good deal" and that they "could have at least an idea one or two days from now" about the deal.

The key outside markets today see the U.S. dollar index weaker, while Nymex WTI crude oil prices are lower and trading around $89.00 a barrel. The yield on the benchmark 10-year U.S. Treasury yield is presently 4.55%.

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 $4,400.00 and then at $4,450.00. First support is seen at this week’s 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 this week’s low of $66.305 and then at $65.00. Wyckoff's Market Rating: 3.0

Gold and silver prices are sharply lower near midday Tuesday, with both markets notching 10-week lows. The markets are being pressured by technical selling amid price downtrends firmly in place on the daily bar charts. A sharp drop in crude oil prices today is also a bearish “outside-market” element. There are also worries about rising bond yields amid likely tighter monetary policies from global central banks. August gold was last down $67.30 at $4,296.10. July silver prices were last down $2.98 at $65.58.

“Treasury market is telling Kevin Warsh rates need to be higher.” That’s a headline from a Bloomberg story overnight. Yields on U.S. two-year Treasury notes have surged to their highest level in more than a year, with the two-year yield trading above the Fed's current policy band. The rise in U.S. yields has extended across the entire Treasury curve, creating a charged backdrop for Federal Reserve policymakers and their new chairman, Kevin Warsh. The market's assessment of the inflation-adjusted neutral rate is about 1.8%, higher than the median Fed estimate of 1.1% for the neutral rate after inflation. The FOMC meets next week to decide the latest U.S. monetary policy direction. The reset upwards only intensified last week after the latest read on U.S. job growth topped all forecasts, reinforcing a growing conviction that rates need to rise in order to rein in inflation pressures and temper the risk of an AI-induced boom overheating the economy. “On Wednesday, the release of consumer price index data for May has the potential to shift rates and Fed policy expectations,” said the report.

Wednesday’s U.S. consumer price index report is coming into focus for metals traders and could be a markets-mover.

The key outside markets today see the U.S. dollar index slightly weaker, while Nymex WTI crude oil prices are sharply lower and trading around $88.00 a barrel. The yield on the benchmark 10-year U.S. Treasury yield is presently 4.55%.

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 $4,350.00 and then at $4,400.00. First support is seen at $4,250.00 and then at $4,200.00. 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 $67.00 and then at today’s high of $69.18. Next support is seen at $65.00 and then at $64.00. Wyckoff's Market Rating: 3.0

9 June 2026

Gold and silver prices are near steady in early U.S. trading Tuesday. Precious metals traders are pausing early this week, awaiting a fresh fundamental spark to move the markets. That spark may come on Wednesday morning, with the release of the U.S. consumer price index for May. August gold was last up $0.80 at $4,364.80. July silver prices were last up $0.155 at $68.74.

“Treasury market is telling Kevin Warsh rates need to be higher.” That’s a headline from a Bloomberg story overnight. Yields on U.S. two-year Treasury notes have surged to their highest level in more than a year, with the two-year yield trading above the Fed's current policy band. The rise in U.S. yields has extended across the entire Treasury curve, creating a charged backdrop for Federal Reserve policymakers and their new chairman, Kevin Warsh. The market's assessment of the inflation-adjusted neutral rate is about 1.8%, higher than the median Fed estimate of 1.1% for the neutral rate after inflation. The FOMC meets next week to decide the latest U.S. monetary policy direction. The reset upwards only intensified last week after the latest read on U.S. job growth topped all forecasts, reinforcing a growing conviction that rates need to rise in order to rein in inflation pressures and temper the risk of an AI-induced boom overheating the economy. “On Wednesday, the release of consumer price index data for May has the potential to shift rates and Fed policy expectations,” said the report.

Latest on U.S.-Iran war…

--U.S. strikes India-crewed tanker that may have been Iran-bound

--Crude oil falls as Israel-Iran attacks halt and China slashes imports

President Trump said there is momentum toward ending the conflict with Iran after a halt to hostilities between Israel and Iran. Iran and Israel agreed to halt strikes on each other following a flare-up that saw both countries launch waves of ballistic missiles, with a ceasefire in place for about two months. Trump told reporters that "we're in the final throes of what will be a very, very good deal" and that they "could have at least an idea one or two days from now" about the deal.

The key outside markets today see the U.S. dollar index weaker, while Nymex WTI crude oil prices are lower and trading around $89.00 a barrel. The yield on the benchmark 10-year U.S. Treasury yield is presently 4.55%.

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 $4,400.00 and then at $4,450.00. First support is seen at this week’s 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 this week’s low of $66.305 and then at $65.00. Wyckoff's Market Rating: 3.0