Gold holds above $4,330, silver nears $70 as traders await Warsh’s first Fed signal – Kitco AM Report

(Kitco NewsWire, Wed. June 17th, 2026) – Spot gold prices are firmer and spot silver prices are weaker in early U.S. trading Wednesday, as oil held below $80 a barrel, U.S. equity futures edged higher and traders positioned for this afternoon’s Federal Reserve decision. At the time of writing, spot gold was trading near $4,334.10 an ounce, up 0.06%, while spot silver was trading at $69.935, down 0.14% on the session.

The macro setup remains split between softer energy inflation and a still-hawkish Fed risk. Brent crude has held below $80 after Iranian tankers resumed shipments and Washington and Tehran moved toward an agreement to reopen the Strait of Hormuz. Gold has held above $4,300, but the metal is trading inside a $4,000-to-$4,500 consolidation band as markets wait for the Fed’s statement, projections and Chair Kevin Warsh’s first post-meeting press conference.

Market expectations ahead of the Fed are not centered on the rate decision itself, which markets have fully priced in as a hold. The June 16-17 meeting is associated with a new Summary of Economic Projections, and investors are focused on whether the dot plot removes the last 2026 cut, signals no cuts this year or shifts toward a later-year hike. A more hawkish set of projections would test gold’s rebound above $4,300 and silver’s attempt to hold the $69-$70 area, while a less-hawkish Warsh press conference would reinforce the lower-yield, lower-oil relief trade that supported metals earlier this week.

U.S. equity futures pointed to a modestly firmer open before the Fed decision. S&P 500 futures were up 0.1%, Nasdaq futures rose 0.5% and Dow futures were flat. Chip stocks were firmer in premarket trading, while crude oil remained the main cross-asset input after the U.S.-Iran headlines pushed energy prices sharply lower from their mid-June highs.

The key outside markets see Nymex WTI crude oil prices trading in the mid-$70s, while Brent crude was below $80 a barrel. The U.S. dollar index is slightly firmer. The yield on the benchmark 10-year U.S. Treasury note is lower in early trade, with no approved live intraday level included.

Spot silver bulls’ next upside price objective is to drive prices back above the $70.59 to $72.10 resistance zone, with a move above that zone targeting $78.60 and then $80.00. The next downside price objective for the bears is a break below $69.08, with deeper downside targets at $68.00 and then $60.00. First resistance is seen at $70.59 and then at $72.10. Next support is seen at $69.08 and then at $68.00.

Posted by:

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com