Analysis

TradingKey - Since May, the precious metals market has continued its corrective trend. Spot gold fell below the $4,500 mark multiple times during the month before rebounding slightly, marking a significant retracement from its year-to-date highs. Spot silver briefly lost the $75 level within the month, with high-to-low volatility exceeding 15%.

TradingKey - Silver (XAGUSD) prices are currently hovering below $74 per ounce as the market lacks upward momentum.

TradingKey - During the Asian trading session on May 28, the gold price (XAUUSD) continued its downward trend, breaking below the $4,400 mark intraday to hit a low of $4,366.29. Having fallen nearly $200 over three consecutive trading days, technical analysis indicates that prices have reached a key support level near $4,360, suggesting the downward momentum may be nearing an end.

TradingKey - On May 27, Bloomberg reported that copper trading activity has intensified as market expectations rise regarding potential tariffs on copper under a Trump administration, prompting traders to ship copper inventories to the U.S. Currently, near-month COMEX copper futures prices have been pushed to a premium of over $500 per ton compared to LME spot prices, marking the first time this level has been surpassed since last autumn.

TradingKey - During the Asian trading session on May 28, spot gold briefly fell below $4,400, hitting a low of $4,396.91, its lowest level since March 27. Gold futures also declined, with U.S. gold futures for August delivery dropping to $4,431 on May 27.

Tradingkey - According to Iranian sources, a "preliminary informal document" regarding a Memorandum of Understanding (MoU) framework between Iran and the United States has been disclosed. The content covers the Strait of Hormuz, regional military deployments, and arrangements for future agreements. Driven by the de-escalation of geopolitical tensions, gold prices dropped to their lowest levels since late March. Both major crude oil benchmarks plunged: WTI crude futures hit a low of $87.77 per barrel, the lowest since April 22, while Brent crude fell to a low of $94.17 per barrel.

TradingKey - A deep dive into the U.S. government's gold reserves — and why a number frozen since 1973 suddenly matters more than ever.

Tradingkey - On May 26 (ET), hostilities in Iran escalated once again, driving the two major crude oil futures to narrow their losses. WTI crude futures were down 3% at $93.70, while Brent crude futures returned to the $100 mark, though remaining down 3.41%. The core catalyst for this rapid rebound in international oil prices is the sudden escalation of geopolitical tensions in the Strait of Hormuz: U.S. forces recently launched military strikes in the strait area, to which Iran immediately responded with firm countermeasures, leading to a sharp cooling of market optimism regarding the restoration of waterway passage through negotiations.

TradingKey - Recently, the US Dollar Index has continued to strengthen as US-Iran tensions ease. According to reports, both sides will reopen the Strait of Hormuz approximately 30 days after reaching an agreement to end hostilities, and the ceasefire established in early April will be extended by 60 days.

TradingKey - U.S. Secretary of State Marco Rubio stated on Tuesday that negotiations with Iran may take "several more days" to finalize, once again dashing market expectations for an end to the conflict. Just a day earlier, he had confidently suggested that an agreement to end the war with Iran could be reached "today." At this critical juncture in the negotiations, escalating hostilities have intensified external doubts over the prospects of peace talks: Can a ceasefire agreement be successfully reached? Will oil prices face renewed volatility?

TradingKey - During the Asian session on May 26, gold prices (XAUUSD) weakened under pressure after briefly touching the $4580 resistance level. Prices have maintained a weak intraday trend and may enter a new round of decline.

Gold (XAU/USD) comes under renewed selling pressure during the Asian session on Tuesday and reverses a major part of the previous day's move higher to the $4,580 horizontal resistance.

Tradingkey - Since the outbreak of the conflict in Iran, international crude oil prices have climbed rapidly. Over the past several months, U.S. economic data has consistently confirmed that inflationary pressures triggered by rising oil prices are spreading across the entire supply chain. Against this backdrop, the market moved early to price in Federal Reserve rate hike expectations, driving U.S. Treasury yields to continuous new periodic highs. However, a major turning point has emerged in the geopolitical landscape, with prospects for a peaceful resolution to the U.S.-Iran conflict. Consequently, WTI crude oil futures fell below the $90 per barrel psychological mark today for the first time since May 7. This shift has introduced uncertainty to the previously "certain" rate hike expectations that had broadly formed within the market.

Tradingkey - Arab media reports that a draft agreement has been reached between the U.S. and Iran, causing the two major crude oil futures to plunge in the short term. WTI crude futures dropped by over 7% at one point to $89.65 per barrel, while Brent crude futures also fell by more than 7% to $93.2

Tradingkey - Since the outbreak of conflict involving Iran, copper price floor support has continued to solidify. The core drivers stem from the synergy of three major fundamentals: the energy transition, AI computing expansion, and military demand. These factors, coupled with tight global copper mine supply and smelting bottlenecks, have collectively established strong support for copper prices. Market analysis indicates that the opening of the Strait of Hormuz will alleviate the pressure high oil prices have placed on market risk appetite, benefiting the recovery of global economic expectations and opening upside potential for copper prices. Meanwhile, falling energy costs and improved demand expectations are conducive to the valuation recovery of long-duration copper equity assets.

TradingKey - International oil prices slumped on Monday after U.S. President Trump stated that U.S.-Iran negotiations are "essentially a done deal," with both Brent crude July futures and U.S. WTI crude futures falling more than 5%.

TradingKey - On May 22 (ET), silver (XAGUSD) retreated during Friday's European session following two consecutive days of gains, trading near $76.00. The price was primarily pressured by a hawkish shift in Federal Reserve policy expectations. As a non-yielding asset, silver is highly sensitive to the interest rate environment. When market expectations suggest the Fed may maintain high interest rates for a longer period—or even reconsider rate hikes amid recurring inflationary pressures—the opportunity cost of holding silver rises, subsequently reducing its investment attractiveness.

Gold price edges lower during the day as the Greenback recovers some ground amid doubts that the US and Iran could reach a deal to end the conflict, and traders are pricing in a Federal Reserve (Fed) rate hike by the end of the year. At the time of writing, XAU/USD trades at $4,518, down 0.50%.

Gold now makes up basically the entirety tokenized commodity market, according to data from a16z Crypto, whose latest report put tokenized commodities at about $5.1 billion, while tokenized gold alone sat near $5 billion. Silver and every other commodity product had only $57.6 million combined, whic

Silver (XAG/USD) remains range-bound on Friday as traders avoid aggressive positioning amid uncertainty surrounding US-Iran negotiations. At the time of writing, the white metal trades near $76.00 and is likely to close the week on a flat note.