Analysis

Gold (XAU/USD) consolidates on Friday, remaining confined within this week’s trading range as investors cautiously monitor ongoing diplomatic efforts between the United States and Iran to reach a deal to end the war in the Middle East.

Silver (XAG/USD) struggle to make it through the 23.6% Fibonacci retracement level of the recent fall from the monthly swing high and attracts some sellers during the Asian session on Friday.

Tradingkey - Nearly three months since the outbreak of the Iran war, oil prices continue to fluctuate at high levels, with WTI crude futures hovering around $100 and Brent crude around $105. The primary reason for prices maintaining current levels is a market consensus: while the escalation in the Strait of Hormuz has disrupted global supply, it has also suppressed demand, with the two forces offsetting each other to create a delicate dynamic balance. A recent Morgan Stanley report noted that although net exports from major Middle Eastern producers have declined, other producers—led by the U.S.—have significantly increased export supplies. Simultaneously, major importers like China have reduced their import volumes, collectively sustaining the current supply-demand equilibrium in the crude oil market.

West Texas Intermediate (WTI) oil price extends its losses for the third successive day, trading around $96.80 per barrel during the Asian hours on Friday. Crude oil prices decline as supply concerns ease amid growing optimism that the United States (US) and Iran could eventually reach an agreement.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $98.20 during the early European trading hours on Thursday. The WTI price edges lower after US President Donald Trump said talks with Iran are in the final stages.

Silver (XAG/USD) is seen building on the previous day's bounce from the vicinity of a nearly two-week low, around the $73.00 neighborhood, and gaining positive traction for the second straight day on Thursday.

TradingKey - U.S.-Iran tensions showed clear signs of easing on Wednesday (May 20), as crude oil markets plummeted and gold (XAUUSD) continued its rally.

TradingKey - With navigation through the Strait of Hormuz still failing to resume, energy-focused investment research firm HFI Research has issued a warning that the market landscape could face a major turning point in June. The firm pointed out that if the strait remains closed by the first week of June, global oil inventories falling to historic lows could trigger panic buying and stockpiling by various countries, at which point the market may descend into genuine chaos.

TradingKey - Gold (XAUUSD) closed at $4,481.89 on Tuesday (May 19). Prices confirmed a break below the $4,500 level, further opening the downside potential for gold. On Wednesday, gold extended its downward trend, hitting an intraday low of $4,460.

Silver (XAG/USD) attracts fresh sellers following a modest Asian session uptick to the $75.00 neighborhood and retreats to the lower end of the daily range in the last hour.

TradingKey - In early Asian trading on Monday, spot gold prices fell below $4,500 for the first time since late March, hitting a low of $4,480.01. Currently, Wall Street investment banks are divided on gold's outlook. JPMorgan Chase maintains its year-end price forecast of $6,000 but has lowered its average annual price estimate from $5,708 to $5,243. Goldman Sachs remains bullish, reiterating its year-end target of $5,400. Can the gold bull market return in 2026?

Tradingkey - Amid heightened market concerns that escalating conflict in Iran could trigger crude oil supply disruptions, U.S. President Trump suddenly announced on May 18 (ET) the postponement of a military strike against Iran originally scheduled for Tuesday, May 19. Trump stated on social media that, following a joint request from the leaders of Qatar, Saudi Arabia, and the UAE, he has ordered the U.S. military not to proceed with the planned strike on the 19th. He noted that the U.S. and Iran are currently engaged in serious negotiations, and that the aforementioned Middle Eastern leaders believe the two sides will ultimately reach an agreement centered on the core provision that "Iran must not possess nuclear weapons."

Silver (XAG/USD) attracts some sellers following a modest Asian session uptick to the $79.00 neighborhood and drops to a fresh daily low in the last hour.

Tradingkey - Geopolitical tensions escalated sharply over the weekend. Following the conclusion of Trump's visit to China, tensions between the U.S. and Iran flared up once again. Renewed expectations of a long-term blockade of the Strait of Hormuz pushed both major crude oil futures to nearly two-week highs. As of press time, Brent crude broke above the $110 mark, rising 1.80% to $111.45 per barrel, having touched its highest level since May 5 during intraday trading. WTI crude oil futures rose 2.39% to $103.41 per barrel.

Silver price (XAG/USD) extends its losses for the third successive day, trading around $74.20 per troy ounce during the Asian hours on Monday. Silver prices fall because a Middle East energy shock is driving up broader inflation, leading to expectations of higher central bank interest rates.

TradingKey - In the early Asian session on May 18, gold prices (XAUUSD) extended last week's downward trend, falling for the fifth consecutive trading day. Prices briefly broke below $4,500 intraday, hitting a low of $4,480.54. Gold is currently trading at $4,497.11, down approximately 1% from last Friday.

TradingKey - Recent U.S. April CPI and PPI data revealed surging inflationary pressures, significantly weakening expectations for Fed rate cuts and weighing on gold prices (XAUUSD) for four consecutive days of declines. Technical analysis indicates that gold prices may retreat to $4,360.

TradingKey - WTI briefly above $100 on renewed US-Iran friction. Enbridge, XOM, CVX, LMT lead weekly gainers. Nvidia, AMD, Cisco set records. Warsh Fed era begins. S&P targets 7,500–8,000+.

TradingKey - Recent geopolitical uncertainty in the Middle East and the energy crisis in Peru have driven copper prices steadily higher, nearly reaching previous record levels. Meanwhile, technical indicators show a strong bullish trend, suggesting that copper prices are poised to hit new all-time h

TradingKey - Crude oil futures closed sharply higher on Friday, with weekly gains expanding significantly. A resurgence in geopolitical tensions dampened market expectations for a de-escalation agreement between the U.S. and Iran and the lifting of shipping restrictions in the Strait of Hormuz, driving energy prices rapidly higher.