Gold moves back above $4,000 as Silver rallies back over $60

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	Silver Bounces, Oil Firms as Hormuz Risk Remains Uneven
	The Strait of Hormuz situation is best characterized as recovering flow with unstable risk. Shipments through the strait resumed faster. . . Kitco NewsWire
	Why are Central Banks Holding so Much Gold Right Now?
	As the trend has accelerated, official agencies now hold the highest quantity of Gold since 1975. . . Luke Hartigan
	Current Gold Price Decline Is a Temporary Correction, Not the Start of a Long-Term Bear Market
	Naylor noted that weakening demand in China and India, the world's two largest Gold-consuming markets, is among the key factors. . . Waleed Farouk
	Why Gold Could Stage a Rebound
	Markets are looking to today’s core personal consumption expenditures price index to assess. . . Chief Investment Officer UBS Financial

During the past two weeks, Gold has traded below the key $4,000 per ounce support level five times but rallied back on strong volume. Gold reached a low of $3,942 per ounce last Tuesday. By the end of last week, Gold rallied back on a weak U.S. Dollar and jobs report. Gold closed last Thursday, July 2nd, at $4,122, up $42 per ounce for the week. Gold rallied on Friday, July 3rd, in overseas markets and closed at $4,174 per ounce.

Last Thursday, the Dow Jones Industrial Average rose 1.1% to a record closing high on July 2, 2026, bolstered by a weaker-than-expected jobs report. U.S. employers added only 57,000 jobs in June, significantly trailing economists' predictions and leading traders to lower the probability of an interest rate hike in late July.

Between the on again/off again war with Iran, positive bias on interest rates, and the recent strong U.S. Dollar, the Gold price has become highly volatile. Gold has successfully tested its key $4,000 per ounce long-term support level, and barring any crazy news coming from Iran, I believe we are now on the way back. $4,200, $4,500 and $5,000 should be temporary resistance levels, but I believe we will see Gold break above those levels and higher during the balance of 2026.

Key Economic data to watch this week:

• July 6th, Monday: June ISM services
• July 7th, Tuesday: May U.S. Trade Balance
• July 8th, Wednesday: May Wholesale Inventories and May Consumer Credit
• July 9th, Thursday: July 4th Initial Jobless Claims, June Existing Home Sales, and May Factory Orders
• July 10th, Friday:

Today: Last night, in overseas Gold trading prior to the Chinese market opening, Gold reached its high of $4,203 per ounce. Then, as high volume Gold trading moved from China to India to London and ended up in the U.S., Gold moved lower on very active trading.
Today, Gold appears to be building a fresh base above the $4,100 per ounce level before attempting to break the $4,200 resistance level.

Silver breaking below its major $60 support level on June 24th was both very surprising and disappointing. Then, during trading on Friday, June 26th, Silver reached a new 2026 low of $55.65 per ounce. Last week, Silver found strong support during trading in India and England. Silver was able to move back over the key $60 per ounce on Wednesday, July 1st. By Thursday, Silver reached $61.38 per ounce, up $2.18 for the week. Silver continued to move higher in overseas trading on Friday, July 3rd in overseas markets, closing for the week at $62.40 per ounce.

Today: As early Monday trading moved around in overseas markets, Silver started at $62.18 per ounce in China. Then, as the market moved to India and London, Silver traded above and below the $62 level. When trading opened in the U.S., Silver saw selling, and the price quickly dropped to the low of the day, $61.25, before seeing bargain buying.
More days where Silver can stay above $60 would allow Silver to rebuild that key base.

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