Kitco.com: More upside price action in gold, silver; bulls have momentum
More upside price action in gold, silver; bulls have momentum
Kitco News
(Kitco News) – Gold and silver prices are moderately up in early U.S. trading Wednesday. Both precious metals are now enjoying near-term price uptrends in place on the daily bar charts, which continue to invite speculative buying interest, especially from the shorter-term, chart-based traders. June gold futures were last up $5.90 at $1,784.20 and May Comex silver was last up $0.245 at $26.085 an ounce.
Global stock markets were mixed overnight, with European shares mostly up and Asian shares mostly down. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins. The U.S. indexes are pausing this week after hitting record highs last week. A spike in Covid-19 infections in several regions of the world is weighing a bit on trader/investor sentiment. There are also worries about new variants of the virus that present vaccines may not thwart. Focus of equity traders is also on quarterly earnings reports, which have been and are expected to continue to be mostly upbeat as the U.S. rolls out of its pandemic-inducted economic slowdown.
The key outside markets today see the U.S. dollar index firmer on a corrective bounce after hitting a six-week low Tuesday. The greenback bears are still in control at present. Nymex crude oil prices are lower and trading around $62.00 a barrel. There are increasing concerns that the pandemic, which is still raging in some regions of the globe, could crimp energy demand. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently fetching around 1.575%.
U.S. economic data due for release Wednesday is light again and includes the weekly MBA mortgage applications survey and the weekly DOE liquid energy stocks report. The pace picks up Thursday.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, June gold futures bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $1,800.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at last week’s low of $1,723.20. First resistance is seen at this week’s high of $1,790.40 and then at $1,800.00. First support is seen at $1,775.00 and then at this week’s low of $1,763.50. Wyckoff’s Market Rating: 6.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
The silver bulls have the slight overall near-term technical advantage. A three-week-old price uptrend is in place 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 last week’s low of $24.68. First resistance is seen at last week’s high of $26.38 and then at $26.74. Next support is seen at this week’s low of $25.67 and then at $25.38. Wyckoff’s Market Rating: 5.5.
Related Posts
Tags
Share This
