Gold futures for April 2026, the most actively traded contract on the New York Mercantile Exchange, closed at $5,011.3 per ounce on March 16, down 0.23%. Selling pressure in the crude oil market and a strong rebound in U.S. equities weighed on precious metal prices. Both gold and silver prices fell during the session but recovered somewhat from their intraday lows.

According to Bloomberg, the Trump administration has initiated procedures to tap the U.S. emergency petroleum reserve on a large scale and has requested an exchange of 86 million barrels of crude oil. In a statement issued on March 13, the U.S. Department of Energy indicated that the release of 172 million barrels from the Strategic Petroleum Reserve, announced last week, is expected to begin supplying crude to the market by the end of this week. The release, projected to take four months, aims to lower prices for crude oil, gasoline, diesel, and jet fuel.

Commodity analysts at UBS Group noted that, based on the latest assessments of risk, interest rate policy, inflation, and strong underlying demand, gold prices are still projected to rise to $6,200 per ounce by the end of 2026.

From a technical perspective, the next upside target for bulls in April gold futures is to push prices above the strong resistance level of $5,434.1. The next short-term downside target for bears is to push prices below the technical support level of $4,700.

For May silver futures, the next upside target for bulls is to break above the strong technical resistance level of $90. The next downside target for bears is to push prices below the strong support level of $72.405.

May silver futures settled at $81 per ounce on the day, down 0.33%.