Gold sees mild profit taking, silver up a bit

Gold is seeing mild profit-taking after hitting three-week highs overnight, with June futures last down $20.60 at $4,830.00, while May silver is edging higher, up $0.402 to $79.99. The pullback looks like a short-term futures liquidation rather than a change in trend, and both metals remain bid above nearby support after a choppy, two-sided session. The supportive macro backdrop is still centered on a softer U.S. dollar. Bloomberg says hedge funds are increasingly bearish on the dollar as renewed U.S.-Iran talks and a possible peace deal unwind some of the currency’s war-driven gains; April has seen the dollar index fall 1.9% after a 2.4% jump in March. Harvard’s Kenneth Rogoff also flagged the dollar as potentially 20% overvalued, reinforcing the medium-term bearish FX narrative that tends to support gold and silver. Technically, gold bulls are now focused on a close above $5,000, with near-term resistance at $4,895.40 and $4,950; support sits at $4,800 and $4,750, then $4,500 on a deeper break. Silver’s upside trigger is a close above $85, with support at $77 and $75. Near term, the key risk is whether profit-taking broadens into a more durable correction if Treasury yields or the dollar rebound; otherwise, the metals look positioned to retest highs if FX weakness persists.