On April 9, the precious metals market opened with slight weakness, as both gold and silver prices experienced minor declines. June gold futures fell by approximately $10 to $4,675 per ounce, while May silver futures dropped by about $0.75 to $72.10 per ounce. The primary factors contributing to the recent pressure on gold include a stabilizing U.S. dollar index and fluctuations in global risk sentiment. Investors are adopting a cautious stance as they await key economic data and policy guidance. Short-term market sentiment remains neutral, with prices fluctuating but not yet showing a clear downward trend.
Central bank gold purchases worldwide continue to provide solid support for the precious metals market. Sustained buying by central banks indicates robust long-term institutional demand for precious metals, which plays a stabilizing role during periods of short-term market pressure. Recent actions by central banks have varied—for instance, the Turkish central bank sold approximately 58 tons of gold, while the Polish central bank accumulated around 18 tons over the previous two months. These divergent strategies offer investors valuable signals for assessing market flows.
In the energy sector, Nymex WTI crude oil prices opened higher, reaching around $114.20 per barrel, reflecting continued support from supply tightness expectations and capital inflows. The U.S. 10-year Treasury yield held steady near 4.33%, indicating that market interest rates remain elevated. Rising oil prices and stable interest rate levels may create interconnected effects on energy-related assets and precious metal investments. Against this backdrop, investors should monitor energy price movements and the U.S. dollar’s trajectory when positioning in gold and silver to better evaluate risks and potential returns.
From a technical perspective, if June gold futures can sustainably break above the resistance level of $4,750, further upward movement toward $4,825 and even $4,990 may be anticipated. Short-term support lies between $4,628 and $4,585. For May silver futures, resistance is observed in the $75.50 to $76.20 range, while support sits between $70.20 and $67.80. Considering both technical indicators and macroeconomic factors, investors are advised to maintain flexible strategies and remain alert to potential volatility risks from price pullbacks.
In summary, although gold and silver face short-term pressure, ongoing central bank accumulation and steadily rising oil prices continue to lend support to the precious metals market. Investors should pay close attention to key support and resistance levels while incorporating global macroeconomic developments, energy market trends, and shifts in the U.S. dollar index into their trading strategies to mitigate potential risks from market fluctuations. In the coming period, precious metal prices may oscillate between short-term adjustments and medium-to-long-term support, requiring careful and dynamic monitoring of market signals.