Is Oversupply from Storage and Output Keeping Bulls on the Sidelines? Last week’s storage injection came in at 120 Bcf, significantly higher than the five-year average of 87 Bcf. This marks the second week in a row of triple-digit builds and pushes inventories to 2,375 Bcf—now 3.9% above the five-year average. The year-on-year storage deficit
Trump Tariff Delay Takes Pressure Off—For Now Trump’s decision to extend the deadline for 50% tariffs on EU goods to July 9 briefly reduced geopolitical tension. Over the weekend, the U.S. President said he agreed to an extension after a phone call with European Commission President Ursula von der Leyen, calling it a “privilege” to
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Daily US Dollar Index (DXY)The U.S. Dollar Index fell 0.3% on the session, making dollar-denominated assets like silver and gold more attractive to foreign buyers. This helped fuel a short-covering rally in both metals, with gold benefitting slightly more due to broader safe-haven interest following the latest macroeconomic readings. Lower-than-expected wholesale inflation further pressured the
Will Mild Weather and High Storage Forecasts Pressure Prices Further? Forecasts for above-normal spring temperatures and light national demand are adding bearish pressure. Record-setting heat in Texas is a regional exception, with highs in the 90s and 100s driving local demand. But for much of the Lower 48, weather is expected to stay mild, curbing
Daily Natural GasThe market’s failure to reclaim $3.733 on Monday signaled waning buying interest, exposing the June contract to downside risk. Should bearish momentum persist, traders are eyeing a potential retreat toward the minor pivot at $3.438. A break above $3.900 would be needed to confirm renewed upside strength, opening the path to test $4.062
Daily Gold (XAU/USD)Gold is currently trading near the upper end of its retracement zone, defined by $3228.38 to $3164.23, with the recent bottom at $3201.95. Should downside pressure persist, traders will look to the 50-day moving average at $3137.70 for initial support. Below this, a break toward $3000–$2956.56 cannot be ruled out. That zone represents
Trend Continuation Signal Points to Higher Prices A breakout of a bull flag pattern triggered on Monday, and it was decisive, with a strong daily close near the highs of the day. The follow-through day on Tuesday showed continued strength and ended with a daily close near the highs of the day. A rest day
Sellers Dominate on Thursday At the time of this writing, gold continues to trade near the lows of the day, currently at $3,298, and may go lower before the end of the session. Gold is testing an area of potential support marked by the 20-Day MA, now at $3,307, and the top of a rising
Is Technical Pressure Signaling a Deeper Pullback? The daily chart suggests ample room for additional downside movement, with the next significant support level marked at $2.199. Immediate resistance is seen at the 61.8% short-term retracement level of $2.995. A break above this could spark short-covering activity, but upside momentum would likely stall near the 50%