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(Kitco News) – Gold and silver prices fell slightly at noon in the US on Wednesday. The attitude of traders and investors remains very optimistic in the middle of the week, which is negative for safe-haven metals. However, losses of gold and silver are limited as the short-term technical condition of both metals has improved recently. June gold futures last fell $ 1.60 to $ 1,741.40, while May silver futures dropped $ 0.022 to $ 25.20 an ounce.
On the eve of the world stock markets a slight multidirectional dynamics was observed. US stocks at noon are also mixed. The Dow and S&P 500 both hit record highs this week. Traders and investors continue to exhibit a common “risk” mentality that drives the development of stock markets.
The market did not pay much attention to reports of an attack on an Iran-backed vessel anchored in the Red Sea off the coast of Yemen. Many believe the attack was carried out from Israel.
In other news, JP Morgan CEO Jamie Dimon said in his annual letter to his shareholders that the US economy is actively emerging from the pandemic and that the economic boom could last until 2023. He said the Goldilocks moment is coming quickly, amid sustained economic growth and unproblematic inflation.
The main US economic data in the middle of the week will be the publication of the minutes of the last meeting of the Federal Reserve Board (FOMC) at 14:00 EET.
Key foreign markets today at noon expect the US dollar index to remain virtually unchanged. Crude oil prices are lower on the NYMEX at around $ 59 per barrel. Meanwhile, the yield on 10-year US Treasuries is currently around 1.65%.
Technically, the June gold bears have an overall short-term technical edge. Recently, however, the bulls have gained momentum as the downtrend in price has stalled and higher buying interest this week will confirm a bullish double bottom reversal pattern on the daily histogram, which also suggests a market bottom. The next target for the bulls is to close above the solid resistance at $ 1,756.00. The next short-term bearish price target is to push futures prices below the solid technical support at $ 1,700.00. The first resistance will be at $ 1,750 and then at $ 1,756. First support is seen at today’s low of $ 1,731.20 and then at this week’s low of $ 1,721.60. Wyckoff Market Rating: 3.5
In the short term, the overall technical edge for May silver futures bears. On the daily bar chart, prices are in a downtrend two months ago. The next upside target for silver is to close above the solid technical resistance at $ 26.74 an ounce. The next downside target for the bears is to close below the solid support at $ 23.00. The first resistance is seen at this week’s high of $ 25.355, followed by $ 25.50. Next support is expected at $ 25, followed by $ 24.66 at this week’s low. Wyckoff Market Rating: 3.5.
Copper in New York closed down 635 points today at 405.20 cents. Prices closed closer to the session low today. Copper bulls have a solid short-term technical edge. The next bullish target for copper will push prices to close above solid technical resistance at the February high of 437.55 cents. The next downside target for the bears is to close below the solid technical support at the March low of 384.90 cents. The first resistance is seen at today’s high of 411.80 cents and then at this week’s high of 416.00 cents. The first support is seen at today’s low of 403.55 cents and then at 400.00 cents. Wyckoff Market Rating: 7.0.
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