#Gold and #Silver look ready to resume their bull run
Weekly Recap: Gold & Silver
π‘ Overview
#Gold and #Silver look ready to resume their bull run as metals begin to decouple from macro once again.
π Market Reaction
Despite this morningβs 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)
π Price Action Insight
Yesterdayβs price action was particularly telling:
- Crude oil: Reversed sharply from early losses β finished roughly unchanged
- U.S. equities: Turned lower (~β0.56%)
π Despite that backdrop, gold and silver held gains, breaking their usual correlation with oil and equities and trading more on their own fundamentals.
π Positioning
- Positioning has been paired down across the board
- Leaves room for longs to be re-established
π§ 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
π All supportive of a constructive long-term outlook
β οΈ Risk to Watch
- A negative development in the Middle East (Iran / Strait of Hormuz)
could trigger a knee-jerk selloff
π Technical / Visual
The 5-day gold and silver charts on WatchGold.org highlight the constructive price action building over the past week.
π§Ύ Bottom Line
Metals are beginning to reassert their own narrative β
less driven by macro, more by flows, positioning, and fundamentals.
Views are my own, for informational and educational purposes only, and not investment advice.
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