In the midday session of Wednesday’s trading, gold and silver prices experienced a modest increase in the United States market, reflecting marginal movements on the charts amidst a subdued atmosphere lacking significant fresh fundamental developments. Traders are currently anticipating impactful market-moving news to steer the trajectory of these precious metals as the week progresses. As of the latest update, June gold saw a rise of $1.80, reaching $2,326.10, while July silver increased by $0.156 to $27.70.
According to reports, China’s central bank persisted in bolstering its gold reserves, acquiring 1.9 metric tons in April. This marks the 18th consecutive month of reserve expansion; however, reports indicate a deceleration in the pace of China’s gold procurement.
In the broader financial landscape, the U.S. dollar index observed a slight uptick, while Nymex crude oil prices displayed strength following a dip to nearly a two-month low overnight, currently hovering around $78.75 per barrel. Additionally, the yield on the benchmark 10-year U.S. Treasury note stands at 4.488%.
From a technical perspective, June gold futures maintain a near-term advantage for bullish sentiment. Although a downtrend in prices persists on the daily bar chart, bulls aim to surpass substantial resistance at $2,400.00 for a notable breakthrough. Conversely, bears target a downturn below solid technical support at $2,250.00. Initial resistance levels stand at $2,341.90 and $2,350.00, with support seen at $2,311.40 and $2,300.00. The current Wyckoff’s Market Rating stands at 6.5.
Similarly, July silver futures uphold a near-term advantage for bullish prospects, with the daily bar chart indicating a halt in the price downtrend. Silver bulls aspire for closing prices to surpass sturdy technical resistance at $29.00, while bears eye a downside below solid support at last week’s low of $26.255. Resistance levels are identified at $28.00 and $28.25, with support found at $27.24 and $27.00. The Wyckoff’s Market Rating for silver stands at 6.0.
In other market movements, July N.Y. copper concluded the day with a decrease of 645 points at 454.10 cents. Despite the decline, copper bulls retain a solid overall near-term technical advantage, supported by a three-month-old uptrend on the daily bar chart. Bullish momentum aims to drive prices to surpass and close above robust technical resistance at 480.00 cents, while bears seek a downturn below solid support at 440.00 cents. Resistance levels for copper are noted at 460.00 cents and this week’s high of 464.50 cents, with support levels at 450.00 cents and last week’s low of 446.60 cents. The current Wyckoff’s Market Rating for copper stands at 7.5.