Gold, silver sharply down amid upticks in USDX, bond yields

Today’s U.S. retail sales report for March saw a 1.7% rise, annually, surpassing market expectations of a 1.4 rise% and following a 0.7% increase in February. This marks the steepest growth since March 2025, driven by a record 15.5% surge in gasoline station receipts as fuel prices rose amid the escalating conflict with Iran. The metals markets showed little reaction to the data.

The other key outside market sees Nymex WTI crude oil prices sharply up and trading around $93.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.3 percent.

Note: The gold market operates through two primary pricing mechanisms. The first is the spot market, which quotes prices for on-the-spot purchase and immediate delivery. The second is the futures market, which sets prices for delivery at a future date. Due to year-end positioning market liquidity, the December gold futures contract is currently the most actively traded on the CME.

Technically, June gold futures bulls’ next upside price objective is to produce a close above solid resistance at $5,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,500.00. First resistance is seen at $4,800.00 and then at the overnight high of $4,854.80. First support is seen at $4,700.00 and then at $4,650.00. Wyckoff's Market Rating: 5.5.

May silver futures bulls’ next upside price objective is closing prices above solid technical resistance at $85.00. The next downside price objective for the bears is closing prices below solid support at $70.00. First resistance is seen at $78.00 and then at this week’s high of $80.755. Next support is seen at $76.00 and then at $75.00. Wyckoff's Market Rating: 5.0.