The bullish set up is simple. Hold the 200-day moving average, produce enough upside momentum to overtake $4481.78 and take a run at the 50-day moving average at $4630.16, which has been capping gains since late March.

The bearish set up requires the long-term traders to pull their bids at or under the 200-day moving average. This could trigger a fast break into the minor bottom at $4366.23. If this price is taken out with conviction and heavy volume, prices could collapse hard. There is no major support until $4099.12.

What to Watch

The May Nonfarm Payrolls report is the gate for Spot Gold (XAUUSD). Consensus at 80,000 jobs is already a slowdown from April’s 115,000. Goldman Sachs, EY-Parthenon, and Vanguard are all below that. The labor market data around the edges, quits rate at a four-year low, Challenger layoffs at post-pandemic highs, jobless claims climbing, all say the weakness is already there. If it shows up in this morning’s print the rate-cut trade comes back and gold gets the bid.

The problem is crude oil. Spot Brent crude oil gained nearly 3% this week and the Strait of Hormuz is still restricted. As long as energy costs stay elevated Cleveland Federal Reserve President Beth Hammack and the rest of the committee have cover to stay restrictive. Gold needs weak jobs and falling crude oil at the same time to break out of the range it has been stuck in.

The 200-day moving average at $4,428.44 held again early Friday. A sustained hold above $4,481.78 shifts the tone bullish and targets the 50-day moving average at $4,630.16. A break below the 200-day opens the door to $4,366.23 and there is nothing major between there and $4,099.12.

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Check daily platinum price movements in Pondicherry. As per the latest rates, 10 grams of
platinum costs ₹0, 100 grams ₹0, and 1 kilogram
₹0. Platinum prices in June were volatile, with highs of
₹5,95,300 and lows of ₹0 for 100g.
The 1 kg price moved between ₹0 and
₹59,53,000.

Platinum’s value is impacted by supply and demand, geopolitical situations, and mining
production. Industrial applications, notably in automotive and electronic manufacturing,
drive further fluctuations. Currency volatility—especially the US dollar—along with
inflation, investor confidence, and monetary policy decisions also influence platinum
pricing.

Oil prices have fallen back from recent highs, with OIL/USD trading near $90.54 after reaching $95.32 earlier this week. However, Rabobank believes the market is underestimating the severity of the ongoing energy supply disruption.

The bank now expects the Strait of Hormuz to remain effectively closed through the summer, with September viewed as the earliest realistic point for a broader reopening and normalisation of flows.

“We remain skeptical about the futures market’s ability to price the risk of disruption that has occurred in the physical energy markets.”

Rabobank argues that strategic petroleum reserve releases and weaker demand are masking a global supply deficit.

“The world is facing a deficit of more than 11 million barrels per day and we see current prices as misleading.”

The bank is particularly concerned about diesel markets, warning that shortages could become severe during the third quarter.

“Between July and September, our scenario analysis shows that diesel and jet fuel markets will be in crisis levels of shortage in several locations.”

According to Rabobank, the market remains too complacent about the length of the disruption and the time required to restore normal supply chains once a deal is eventually reached.

Brent Oil Forecast: $140 Peak Still Possible

Rabobank’s central scenario sees Brent crude rising substantially if disruptions persist.

“Brent crude reaches approximately $140 at its peak and sustains above $120 for an extended period in August.”

As a result, the bank has lifted its Q3 2026 Brent forecast to an average of $120 per barrel, while also raising its 2027 forecasts.

Even if the Strait reopens later this year, Rabobank expects shipping bottlenecks, refinery constraints and lost production capacity to keep energy markets tight well into 2027.

Explore the latest platinum price insights for Davanagere. As of now, platinum trades at
₹0 per 10g, ₹0 per 100g, and ₹0 per kg. In
June, prices shifted significantly. For 100g, the max was
₹5,95,300, and the min was ₹0. The

1kg rate fluctuated between ₹0 and
₹59,53,000.

Platinum pricing depends on mining output, worldwide demand, and political factors.
Heavy industrial use, particularly in automotive and electronic sectors, creates
significant market pull. Exchange rate shifts—most notably the US dollar—along with
inflation and central bank policies, directly affect the metal’s financial performance.

• The silver market rallied a bit during the early part of the trading session on Thursday as the interest rate market has pulled back just a touch in the United States.
• Rates dropping of course does help silver but all things being equal this is a market that will continue to see a lot of back-and-forth behavior, and I also recognize that this is a market that is bouncing around between the $70 level underneath and the $80 level above.

It’s worth noting that the 50-day EMA is also sitting right at the $77.25 level offering a little bit of a short-term barrier as well. That being said one of the biggest problems that the silver market will have is that the bond market will probably be very quiet as well mainly due to the fact that we have the jobs number in America coming out on Friday.

Bond Market Awaits Jobs Numbers

That should continue to be a major issue, and I think all things being equal we probably are waiting to see how the bond market reacts to the jobs numbers because of course it will have such a major influence on a non-yielding asset such as silver.

Ultimately this is a market that I think will continue to be noisy but if we can break out of this $10 range it opens up the possibility of a move to the $90 level or possibly the $60 level based on a breakout. As things stand right now though we’re just held hostage by the bond market which of course continues to watch the Middle East and tomorrow we’ll be watching jobs.

Ready to trade our daily forex analysis and predictions? Here are the best Silver trading brokers to choose from.

Christopher Lewis is a technical analyst and market commentator at DailyForex with more than two decades of trading experience in Forex and other leveraged markets. Based in Columbus, Ohio, he specializes in chart-based analysis of major currency pairs, stock indices, commodities, and energy markets, focusing on clear support and resistance levels, trend structure, and risk management. Christopher produces daily written and video analysis for traders who rely on technical setups to navigate volatile market conditions

As seen on: Pairs Of Aces Podcast,The Trader Guy, FXEmpire

Brent crude oil price remains in a narrow range this week as investors watch the new developments in the ongoing US-Iran crisis. It was trading at $95.40 today, June 5, after Hezbollah rejected the new ceasefire agreement between Israel and Lebanon. 

Odds of new fighting rise as Hezbollah rejects ceasefire

Brent and the West Texas Intermediate have barely moved this week as investors assessed the current phase of the US-Iran crisis and the dwindling US Strategic Reserves. 

Odds of a quick deal between the two sides have now dropped substantially this week as ceasefire talks stalled. Worse, the recent ray of hope between Israel and Lebanon found a major roadblock after Hezbollah rejected the ceasefire. 

Hezbollah argued that the ceasefire was not in Lebanon’s interest and amounted to surrender. This means that the fighting between Hezbollah and Israel will continue in the foreseeable future, something that Israel wants. 

The challenge, however, is that Iran has insisted that any deal with the US will be contigent on the developments in Lebanon. 

Therefore, there is a real risk that the US and Iran will restart their bombing campaigns. Just this week, Iran launched a barrage of missiles towards Kuwait in response to US attacks on its targets.

A renewed phase of fighting would be risky for the world economy, as it would push crude oil prices much higher than where they are today. Besides, data show that US oil inventories have continued falling, while drawdowns from the Strategic Petroleum Reserves (SPR) have accelerated and moved to the lowest level in years. If this trend continues, chances are that these reserves wil run out in months.

US driving season is underway

At the same time, the US is now in its driving season,where petroleum demand is usually at its highest. As a result, some top officials and experts warn of an impending danger in the world’s oil market if the Strait of Hormuz continues its closure for longer.