Gold, silver see slight gains amid falling bond yields
Gold, silver see slight gains amid falling bond yields
Date: 29/06/2021
Jim Wyckoff Monday June 28, 2021 12:41
Editor’s Note: Don’t miss Kitco’s LIVE interview with Gareth Soloway, chief market strategist of InTheMoneyStocks.com, on Tuesday, June 29, at 4:00 pm EST, to be hosted by anchor David Lin. Comments and questions will be taken.
(Kitco News) – Gold and silver prices are are a bit higher in subdued midday U.S. trading Monday. Falling U.S. Treasury yields on this day are slightly offsetting scant risk aversion in the marketplace and bearish near-term technical charts to keep the metals’ prices just above unchanged. August gold futures were last up $3.30 at $1,781.10 and September Comex silver was last up $0.129 at $26.25 an ounce.
The U.S. stock indexes are mixed at midday are at or near their record highs. The minimal risk aversion in quieter summertime trading is allowing the stock indexes to continue to drift sideways to higher. The Wall Street Journal reported the U.S. stock market is seeing its quietest stretch of trading since 2017. Trading is likely to remain muted until Friday morning’s U.S. employment situation report from the Labor Department, which is arguably the most important U.S. data point of the month.
The marketplace paid little attention to reports U.S. warplanes attacked Iran-backed militias near the Syria-Iraq border.
The key outside markets today see the U.S. dollar index near steady. Nymex crude oil futures are weaker and trading around $34.00 a barrel after hitting a 2.5-year high of $74.45 overnight. Energy traders are awaiting Thursday’s OPEC meeting. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 1.473%.
Technically, August gold futures bears have the overall near-term technical advantage. A five-week-old price downtrend is in place on the daily bar chart. A bearish pennant pattern has formed on the daily chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,826.40. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,750.00. First resistance is seen at last week’s high of $1,795.60 and then at $1,800.00. First support is seen at today’s low of $1,770.40 and then at the June low of $1,761.20. Wyckoff’s Market Rating: 4.0
September silver futures bears have the overall near-term technical advantage. A five-week-old price downtrend is in place on the daily bar chart. A bearish pennant pattern has formed on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $27.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $25.00. First resistance is seen at last week’s high of $26.415 and then at $26.59. Next support is seen at today’s low of $25.875 and then at the June low of $25.615. Wyckoff’s Market Rating: 4.0.
September N.Y. copper closed down 105 points at 427.90 cents today. Prices closed near mid-range today. The copper bulls have the slight overall near-term technical advantage. However, a six-week-old downtrend is in place on the daily bar chart. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 450.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 400.00 cents. First resistance is seen at last week’s high of 433.55 cents and then at 435.00 cents. First support is seen at 425.00 cents and then at 420.00 cents. Wyckoff’s Market Rating: 5.5.
For Kitco News
