Gold, silver rally as USDX sells off

Gold and silver are higher in midweek trading, with June gold last up $130.50 at $4,808.70 and May silver up $0.936 at $75.86. The move is being driven by a softer U.S. dollar index and a pullback in global government bond prices, with WTI crude easing to around $100/bbl and the 10-year Treasury yield near 4.3%. The immediate technical focus in gold is a close above $5,000, while silver needs a break and close above $80 to extend higher. The article frames the recent bond-market whipsaw as a battle between two inflation/growth narratives tied to the war in Iran and higher energy prices. Earlier, rising yields reflected expectations that central banks might stay tighter for longer; more recently, lower bond yields suggest traders are increasingly pricing in growth damage and eventual rate cuts. That backdrop remains supportive for bullion via weaker real-rate and USD pressure, but the macro setup is still highly dependent on how energy markets and bond traders reprice the conflict. Near term, gold has first support at $4,700 and then $4,600, with resistance at $4,850 and $4,900 before the round-number $5,000 level. Silver support is seen at $72 and $70, with resistance at $77.50 and $80. The setup keeps momentum bullish, but the article also highlights how quickly outside-market sentiment can flip, making follow-through above resistance the key catalyst for the next leg higher.