Evaluation of and futures across multiple timeframes indicates that both gold and silver futures reflect market anticipation of a potential US-Iran agreement, given the ongoing negotiations since the beginning of the year.
US President Donald Trump said that US-Iran talks will continue to see whether a deal can be consummated, shortly after his closed-door meeting with visiting Israeli Prime Minister Benjamin Netanyahu at the White House on Wednesday.
“I have just finished meeting with Prime Minister Netanyahu, of Israel, and various of his Representatives,” Trump said in a post on Truth Social.
“There was nothing definitive reached other than I insisted that negotiations with Iran continue to see whether or not a Deal can be consummated,” Trump said. “If it can, I let the Prime Minister know that it will be a preference. If it cannot, we will just have to see what the outcome will be.”
Before the meeting, Netanyahu met with US Secretary of State Marco Rubio and formally signed up as a member of the “Board of Peace.” The initiative is controversial in Israel’s parliament, according to Fox News.
Ahead of his trip to Washington, Netanyahu told reporters: “I will present to the president our concept regarding the principles of the negotiations (on Iran) – the essential principles that are important not only to Israel but to anyone who wants peace and security in the Middle East.”
Netanyahu’s office has said that the prime minister wants the talks to include limits on Iran’s ballistic missile program and cut Iran’s ties with militant groups such as Hamas and Hezbollah.
Trump said Tuesday in an interview with Fox Business Network that “it’s got to be a good deal. No nuclear weapons, no missiles.”
Iranian President Masoud Pezeshkian said at celebrations in Tehran for the 47th anniversary of the 1979 Islamic Revolution on Wednesday that a “wall of distrust” created by the West is hindering nuclear talks with the United States, vowing that Iran will never surrender to excessive demands and aggression.
Also on Wednesday, Iranian Foreign Minister Seyed Abbas Araghchi told Russia Today that he believes Iran and the United States can strike a nuclear deal better than the Joint Comprehensive Plan of Action signed in July 2015, while reiterating that Iran will not negotiate on its missile program or regional alliances.
Washington and Tehran held their indirect talks Last Friday in the Omani capital of Muscat amid simmering tensions between the two sides and a US military buildup near Iran.
On Tuesday, Trump said he is considering sending a second aircraft carrier strike group to the Middle East for possible military actions against Iran if negotiations fail.
I find that the ongoing developments on this front look evident enough to predict the higher inclination to avoid confrontation from both the U.S. and Iran, as any such conflict could be harmful for the people living in different parts of the world.
On the other hand, President Trump doesn’t want to create hustle before the mid-term election in November this year, as if he takes any unexpected step on this issue, it could raise criticism for his party.
I observed that both the gold and silver futures, after trading in a narrow range this week, are indicating a surge in bearish build-up since the announcement of strong job reports this week, despite a lower tick by data announced on Thursday.
In the meantime, growth has been stronger than expected, and inflation has been stuck above the Fed’s 2% target for about half a decade. After months of trimming yield forecasts, downplaying risks of an inflation surprise, and despite having no details on coming debt supply, strategists have subtly reversed course.
I find that the gold and silver futures are indicating a steep fall ahead, which is likely to be led by silver.
Technical Levels to Watch
Gold
In a daily chart, gold futures, after opening the day at $5,083, tested the day’s high at $5,106.45 and the day’s low at $5,067, are trading at $5,077 could find a breakdown below the today’s low as despite repeated attempt to test the immediate resistance at $5,123.96 could not even touch this since the beginning of this month; and look ready to find a breakdown below the immediate support at the 9 EMA ($5,017).
Undoubtedly, a fall below this could push the futures to test the next support at the 20 EMA ($4,923), where a breakdown will accelerate the selling spree.
Silver
In a daily chart, silver futures look ready to lead this fall as they are already trading below a ‘Bearish Crossover’, formed on Feb.6, 2026, when the 9 EMA ($83.671) pierced the 20 EMA ($84.593) while the silver futures are trading at $82.613.
Undoubtedly, if the silver futures find a breakdown below the immediate support at $79.703 could push the futures to test the next support at the 50 EMA ($75.903), where a reversal could be seen, but a breakdown below this could push the futures to test the next support at the 100 EMA ($64.401).
In a daily chart, the spot gold-silver ratio (), indicating a reversal from the current level as the formation of a bullish doji, just above the immediate support at 59.93, confirms a breakout above the immediate resistance at 61.27 in today’s session.
Undoubtedly, a breakout above this immediate resistance will keep it higher this week.
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Disclaimer: Readers are advised to take any position in gold and silver at their own risk, as this analysis is based only on observations.
