(Kitco News) – Gold prices are modestly higher in midday trading, but down from earlier gains that saw the market hit another 4.5-month high. He empowered bulls now have their eyes set on the $2,000-and-ounce mark. Gold and silver charts remain bullish, keeping money flowing to the long side of these precious metals markets. June gold futures were last up $4.60 at $1,902.50 and July Comex silver was last down $0.141 at $27.915 an ounce.
Global stock markets were mixed but mostly firmer overnight. U.S. stock indexes are modestly higher at midday. Discussion in the marketplace continues on the recent acceleration of inflationary price pressures and what the Federal Reserve and other central banks plan to do about it. The Fed says rising inflation is “transitory,” but many markets’ price actions suggest otherwise. Traders today will closely scrutinize comments from Federal Reserve vice chair for supervision Randal Quarles, scheduled to give a speech today. Meantime, a European Central Bank official Wednesday said the ECB has no plans to scale back its bond-buying program (quantitative easing) anytime soon.
The key outside markets today see the U.S. dollar index firmer on a corrective bounce after hitting a 4.5-month low Tuesday. Meantime, Nymex crude oil prices are slightly lower and trading around $65.80 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching around 1.56%.
Technically, June gold futures bulls have the solid overall near-term technical advantage. A seven-week-old price uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the January high of $1,969.10. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,850.00. First resistance is seen at today’s high of $1,913.30 and then at $1,925.00. First support is seen at $1,885.00 and then at this week’s low of $1,873.20. Wyckoff’s Market Rating: 7.5
July silver futures bulls have the firm overall near-term technical advantage. A seven-week-old uptrend is in place on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the February high of $30.015 an ounce. The next downside price objective for the bears is closing prices below solid support at $26.78. First resistance is seen at today’s high of $28.34 and then at $28.50. Next support is seen at this week’s low of $27.545 and then at last week’s low of $27.265. Wyckoff’s Market Rating: 7.0.
July N.Y. copper closed up 225 points at 452.95 cents today. Prices closed nearer the session high today. The copper bulls have the firm overall near-term technical advantage. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the May high of 488.80 cents. The next downside price objective for the bears is closing prices below solid technical support at 437.00 cents. First resistance is seen at this week’s high of 458.15 cents and then at 462.50 cents. First support is seen at this week’s low of 444.40 and then at 440.00 cents. Wyckoff’s Market Rating: 7.0.
