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Gold firm, silver surges as oil rebound keeps inflation risk in focus - Kitco AM Report

Gold firm, silver surges as oil rebound keeps inflation risk in focus - Kitco AM Report

Kitco2026/05/11 14:30
By: Kitco
CORE-5.84%

(Kitco News) - Spot gold prices are firmer and spot silver prices are sharply higher in early U.S. trading Monday, as renewed U.S.-Iran tensions lifted crude oil and kept inflation risk in focus ahead of this week’s U.S. data. At the time of writing, spot gold was trading near $4,727.20 an ounce, up 0.29%, while spot silver was trading at $85.010 an ounce, up 5.97% on the session.

The Monday U.S. calendar is light but not empty, with April existing home sales due at 10:00 a.m. ET. The larger macro risk sits Tuesday, when April CPI and core CPI are scheduled for 8:30 a.m. ET, with headline CPI expected at 0.6% month over month and 3.7% year over year and core CPI expected at 0.3% month over month and 2.7% year over year.

Oil regained ground after the latest U.S.-Iran peace push failed to reopen the Strait of Hormuz trade in a durable way. Brent crude traded near $104.32 a barrel, up about 3%, while Nymex WTI crude was near $98.40 a barrel, up 3.2%, after both contracts had dropped 6% last week on hopes for a deal.

The key outside markets see Nymex WTI crude oil prices higher and trading around $98.40 a barrel, while Brent crude was near $104.32. The U.S. dollar index is firmer. The yield on the benchmark 10-year U.S. Treasury note is trading near the 4.4% area.

Gold firm, silver surges as oil rebound keeps inflation risk in focus - Kitco AM Report image 0

Technically, spot gold bulls’ next upside price objective is to push prices back above the $4,632.97 level, with a sustained move targeting the $4,744.34 to $4,768.60 resistance area. Bears’ next near-term downside price objective is a break below $4,601.94, with deeper downside targets at $4,541.88 and then the $4,495.33 to $4,401.84 support zone. First resistance is seen at $4,744.34 and then at the 50-day moving average near $4,768.53. First support is seen at $4,632.97 and then at $4,601.94.

Gold firm, silver surges as oil rebound keeps inflation risk in focus - Kitco AM Report image 1

Spot silver bulls’ next upside price objective is to drive prices above the $82.13 to $83.61 resistance area, with a sustained move above that zone targeting $91.34. The next downside price objective for the bears is a break below the 50-day moving average at $76.94, with deeper downside targets at $74.63 and then the $72.03 to $69.43 retracement zone. First resistance is seen at $82.13 and then at $83.06. Next support is seen at $76.94 and then at $74.63.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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