Gold, silver see price gains on technical buying

(Kitco News, Mon. April 6th, 2026) – Gold and silver prices are modestly up in early U.S. trading today, supported by some chart-based buying interest from the speculators, as well as some mild safe-haven demand amid the Middle East war. June gold was last up $34.30 at $4,317.70. May silver prices were up $0.476 at $73.41.

Latest on the war in the Middle East…

–U.S. allies pushing for last-minute ceasefire in Middle East war
–U.S. rescues missing airman as Iran strikes Gulf Arab states
–Trump to hold news conference today at noon CDT
–Oil tanker carrying Iraqi cargo seen transiting Strait of Hormuz
–U.S. deploys bulk of its stealthy long-range missiles for Iran war
–Trump threatens Tuesday strike on Iran power plants, bridges
–Japan, Singapore to ensure Australia fuel supply, minister Says

OPEC+ warns of oil-supply disruptions for “a long time.” OPEC+ over the weekend warned that damage to Middle East energy assets will have a prolonged impact on oil supply even after the Iran war ends, as the cartel approved a symbolic increase in crude oil output quotas for next month,” Bloomberg reported. “Restoring damaged energy assets to full capacity is both costly and takes a long time,” the group’s ministerial monitoring committee said in a statement after meeting on Sunday. Any action that jeopardizes security of supply, whether that’s an attack on energy infrastructure or disruption of export routes, increases market volatility and weakens OPEC+’s efforts, it said. Key producers led by Saudi Arabia and Russia agreed to increase targets for May by about 206,000 barrels a day during a video conference.

The key outside markets see Nymex WTI crude oil weaker and trading around $110.00 a barrel. The U.S. dollar index is slightly lower early today. The yield on the benchmark 10-year U.S. Treasury note is presently 4.35 percent.

Note: The gold market operates through two primary pricing mechanisms. The first is the spot market, which quotes prices for on-the-spot purchase and immediate delivery. The second is the futures market, which sets prices for delivery at a future date. Due to year-end positioning market liquidity, the December gold futures contract is currently the most actively traded on the CME.

Technically, April gold futures bulls’ next upside price objective is to produce a close above solid resistance at $5,000.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $4,300.00. First resistance is seen at $4,750.00 and then at last week’s high of $4,825.90. First support is seen at the overnight low of $4,626.20 and then at $4,580.40.

May silver futures bulls see their next upside price objective is closing prices above solid technical resistance at $80.00. The next downside price objective for the bears is closing prices below solid support at the March low of $61.21. First resistance is seen at $75.00 and then at last week’s high of $76.265. Next support is seen at $70.00 and then at last week’s low of $67.70.

Posted by:

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com