#Gold and #Silver look ready to resume their bull run
Weekly Recap: Gold & Silver
đĄ Overview
#Gold and #Silver look ready to resume their bull run as metals begin to decouple from macro once again.
đ Market Reaction
Despite this morningâs 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)
đ Price Action Insight
Yesterdayâs price action was particularly telling:
- Crude oil: Reversed sharply from early losses â finished roughly unchanged
- U.S. equities: Turned lower (~â0.56%)
đ Despite that backdrop, gold and silver held gains, breaking their usual correlation with oil and equities and trading more on their own fundamentals.
đ Positioning
- Positioning has been paired down across the board
- Leaves room for longs to be re-established
đ§ 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
đ All supportive of a constructive long-term outlook
â ïž Risk to Watch
- A negative development in the Middle East (Iran / Strait of Hormuz)
could trigger a knee-jerk selloff
đ Technical / Visual
The 5-day gold and silver charts on WatchGold.org highlight the constructive price action building over the past week.
đ§Ÿ Bottom Line
Metals are beginning to reassert their own narrative â
less driven by macro, more by flows, positioning, and fundamentals.
Views are my own, for informational and educational purposes only, and not investment advice.