Gold, silver down as risk appetite improves, crude sinks

Gold and silver traded lower into midday Monday, pressured by improved risk appetite, a sharp selloff in crude, and firmer equities. April gold was last -$56.30 at $5,005.30 after printing an intraday low near $4,970; May silver was -$0.308 at $81.01 after dipping to $77.125. The move was framed as cross-asset driven: crude fell to around $95.50/bbl while US equities rebounded as comments from US Treasury Secretary Bessent suggested some tanker traffic is still moving through the Strait of Hormuz (including Iranian and Indian ships), easing near-term supply panic. Bloomberg also cited the Trump administration initiating a large Strategic Petroleum Reserve exchange/release process (86mb request; 172mb announced last week; deliveries expected to begin by end-week; four-month drawdown), part of a coordinated 400mb effort to cap fuel prices after the US-Israel invasion of Iran. The USD index was lower, and the US 10-year yield was ~4.234%. Technically, Kitco/Wyckoff highlights April gold resistance at $5,044.50 then $5,100, with a larger bull trigger at $5,434.10 (March high). Support is $4,970.10 then $4,900, with a bear objective at $4,700; Wyckoff rating 6.0 (slight bull advantage). For May silver, resistance is $81.82 then $84 with a bull trigger at $90; support sits $77.125 then $76, with a bear objective at $72.405; Wyckoff rating 5.5. Near-term catalysts are continued crude volatility/SPR headlines, any Hormuz flow disruptions, and follow-through in equities/rates that could keep safe-haven demand subdued despite a softer dollar.