Editor’s Note: With such market volatility, stay on top of the daily news! Check out our quick roundup of today’s must-read news and expert opinion in minutes. Sign up here!
(Kitco News) – Gold and silver prices rose sharply at noon on Monday in the US and hit a nine-week high. The rise in metal prices has lent itself to the perceived bargain hunt and favorable external market forces, including a weaker US dollar index, higher crude oil prices and a drop in US government bond yields. It is important to note that the bulls for gold and silver quickly regained their general short-term technical advantage and resumed their gains on the daily charts. June gold futures last climbed $ 25 to $ 1,792.60, while Comex July silver futures climbed $ 1,072 at $ 26,945 an ounce.
Reflation trading seems to be picking up steam again and this is also supporting the precious metals markets. Many commodity markets, including lumber, grain, livestock and coffee, are at or slightly below multi-year highs.
On the eve of the global stock markets, multidirectional dynamics was observed: Asian stocks generally fell, while European stocks were more stable. US stock indices look ambiguous at noon. American traders and investors are upbeat about the trading week amid recent economic data, which broadly suggests stronger US business activity and a decline in Covid-19 cases, suggesting that the pandemic is finally loosening grip on the world’s largest economy.
Key foreign markets are expecting a decline in the US dollar index today. Crude oil prices on the NYMEX are rising to around $ 64.20 a barrel. Meanwhile, the yield on 10-year US Treasuries is currently around 1.614%.
Technically, bulls in June gold futures quickly regained their overall short-term technical advantage as the uptrend from five weeks ago resumed on the daily chart. The next target for the bulls is to close above the solid resistance at $ 1,850.00. The next short-term target for the bears is to bring futures prices below the solid technical support at $ 1,750.00. First, resistance will be at $ 1,800.00 and then at $ 1,817.60. The first support is seen at $ 1,775 and then at today’s low of $ 1,765.60. Wyckoff Market Rating: 6.0
The bulls in July silver futures quickly regained their overall short-term technical advantage. The uptrend of five weeks ago has resumed on the daily bar chart. The next upside target for silver bulls is to close above the solid technical resistance at $ 28.00 an ounce. The next downside target for bears is to close below the solid support at last week’s low of $ 25,745. The first resistance is seen at today’s high of $ 27.08, followed by $ 27.50. The next support is seen at $ 26.58 and then at $ 26. Wyckoff Market Rating: 6.0.
July copper in New York closed up 425 points at 451.10 cents today. Today prices closed closer to the session high and closed at the contract level and almost 10-year high. Copper bulls have a strong overall short-term technical advantage. The next bullish target for copper is to push prices to close above the solid technical resistance at 460.00 cents. The next downside target for the bears is closing prices below the solid technical support at 420.00 cents. The first resistance occurs at the contract high of 455.10 cents and then at 460.00 cents. The first support is seen at 441.55 and then at 440.00 cents. Wyckoff Market Rating: 9.0.
Disclaimer: The views expressed in this article are those of the author and may not reflect the views Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee this accuracy. This article is for informational purposes only. This is not a call for the exchange of goods, securities, or other financial instruments. Kitco Metals Inc. and the author of this article is not responsible for loss and / or damage arising from the use of this publication.