Gold prices are a bit higher, and silver prices are slightly up in early trading in the U.S. on Thursday. Both gold and silver are still being bought by some people who want to keep their money safe, especially because there’s a lot of thinking going on about world issues this week.
June gold is currently up by $7.60 at $2,396.00, and May silver is up by $0.075 at $28.475.
In the past few days, there haven’t been any big changes in the problems between Iran and Israel, even after Iran attacked Israel with missiles and drones last week. But as Friday approaches, traders and investors are getting ready for what could be a very uncertain weekend in the Middle East.
In Asia and Europe, stock prices were mixed but generally stable overnight. In the U.S., it looks like stock prices will start the day a bit stronger. However, recently, the upward trend in stock prices has slowed down, and some people are remembering the old saying about selling stocks in May and waiting until after Labor Day.
In other markets, the U.S. dollar has dropped a little bit after reaching a high point on Tuesday, while the price of oil has gone down and is around $81.75 a barrel. The interest rate on the 10-year U.S. Treasury note is currently at 4.58%.
In terms of economic news for the U.S., we’re expecting reports on weekly jobless claims, the Philadelphia Fed business survey, existing home sales, and leading economic indicators later today.
In simple terms, those who believe gold prices will go up have a strong advantage for now. On the daily chart, there’s been a trend of prices going up for about two months. Their next goal is to have June futures prices close above a certain level of resistance, which is $2,500.00.
On the other hand, those who think gold prices will go down want futures prices to drop below a certain level of support, which is $2,300.00.
Right now, the first level of resistance, or where it might be harder for prices to go up, is at this week’s high of $2,414.80, and then at $2,425.00. The first level of support, or where prices might not go down as easily, is at the lowest price reached overnight, which is $2,377.20, and then at Wednesday’s low of $2,370.70.
Wyckoff’s Market Rating, which is a measure of how strong the market is, is currently at 9.0, suggesting a pretty strong market.
Simply put, those who believe silver prices will go up have a good advantage for now. On the daily chart, prices have been going up for about two months. Their next goal is to have May futures prices close above a certain level of resistance, which is $30.00.
However, those who think silver prices will go down want prices to drop below a certain level of support, which is $26.00.
Right now, the first level of resistance, or where it might be harder for prices to go up, is at this week’s high of $29.10, and then at $29.50. The first level of support, or where prices might not go down as easily, is at $28.00, and then at this week’s low of $27.665.
Wyckoff’s Market Rating, which tells us how strong the market is, is currently at 8.5, indicating a pretty strong market.
