Weekly Recap: Gold & Silver

🟡 Overview

#Gold and #Silver look ready to resume their bull run as metals begin to decouple from macro once again.

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📊 Market Reaction

Despite this morning’s April jobs report (+115k vs. +55k expected), which would typically support a higher-for-longer USD rate environment, both metals continued to rally:

• Gold: +$35 (June CME futures)
• Silver: +$1.60 (July CME futures)

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🔍 Price Action Insight

Yesterday’s price action was particularly telling:

• Crude oil: Reversed sharply from early losses → finished roughly unchanged
• U.S. equities: Turned lower (~−0.56%)

👉 Despite that backdrop, gold and silver held gains, breaking their usual correlation with oil and equities and trading more on their own fundamentals.

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📉 Positioning

• Positioning has been paired down across the board
• Leaves room for longs to be re-established

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🧠 Fundamental Drivers

The backdrop remains firmly supportive:

• Ongoing geopolitical and economic uncertainty
• Continued central bank diversification away from the USD
• ECB central banks now hold more gold than euros in reserves
• Silver (a critical mineral) remains in a structural supply/demand deficit

👉 All supportive of a constructive long-term outlook

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⚠️ Risk to Watch

• A negative development in the Middle East (Iran / Strait of Hormuz)
  could trigger a knee-jerk selloff

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📈 Technical / Visual

The 5-day gold and silver charts on WatchGold.org highlight the constructive price action building over the past week.

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🧾 Bottom Line

Metals are beginning to reassert their own narrative —
less driven by macro, more by flows, positioning, and fundamentals.

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Views are my own, for informational and educational purposes only, and not investment advice.