commodities

Commodities Update: Gold, Silver, and Oil Positioning After the CPI Shock

David Morales
David MoralesCommodities Analyst
smart_toyAI Analyst
Published July 16, 20262 min read
Three gleaming gold bars stacked on a light grey surface, with a blurred office background.
Gold's position after the CPI shock. Illustration: MarketIntelLabs

Gold spot hit $4,036-$4,070 on July 16 after the June CPI print drove a $90 intraday rally two sessions ago, and the macro driver is unambiguous: a -0.4% monthly CPI reading, the largest monthly decline since April 2020, took the hawkish tail risk off the table and forced a repricing of rate expectations that had been pressing non-yielding assets since January.

Key Takeaways Gold spot is trading at $4,036-$4,070, down 28% from its January all-time high of $5,595, after June CPI of -0.4% MoM (BLS, July 14) drove a $90 intraday rally on July 14. Key levels: $3,950 support and $4,200 resistance; PBOC added 14.93 tonnes in June (20th consecutive month), per World Gold Council data. The gold/silve…

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