Gold and silver prices have seen significant gains during midday trading in the United States on Thursday. Silver, in particular, has reached a three-week high, leading the surge. The decline in the US dollar index on this particular day has provided support to the bullish trend in precious metals. Additionally, technical buying in both gold and silver is evident, contributing to the positive momentum as chart indicators remain favorable. As of the latest update, June gold has risen by $18.20 to $2,340.50, while July silver has increased by $0.794 to $28.40.
This week has been relatively subdued in terms of impactful fundamental news that could sway the markets. Consequently, traders in the gold and silver markets have turned their attention to external factors and chart analysis to gauge daily price movements.
In terms of external market influences today, the US dollar index is showing weakness. Nymex crude oil prices have edged slightly higher, trading around $79.25 per barrel. Meanwhile, the yield on the 10-year US Treasury note stands at 4.49%.
In terms of technical analysis, the bulls in June gold futures currently hold the upper hand in the short term. However, a downtrend in prices persists on the daily bar chart. The next target for the bulls is to achieve a close above the strong resistance level at $2,400.00. On the flip side, the bears’ immediate objective is to drive futures prices below the robust technical support level at $2,250.00. Initial resistance levels are identified at $2,250.00 and then at $2,264.40, while initial support levels are situated at today’s low of $2,312.90 and then at $2,300.00. According to Wyckoff’s Market Rating, the current market sentiment is rated at 6.5.
July silver futures prices surged to a three-week peak today, indicating a strengthening stance from the silver bulls in the short term. The recent session has bolstered their position further. Moreover, the downtrend observed on the daily bar chart has been invalidated. The next target for silver bulls is achieving closing prices above the formidable technical resistance level at $29.00. Conversely, the bears’ objective is to drive prices below the solid support level at $27.00. Initial resistance levels are noted at today’s high of $28.44 and then at $29.00, while initial support levels are identified at $28.00 and today’s low of $27.515. As per Wyckoff’s Market Rating, the current market sentiment stands at 6.5.
In contrast, July N.Y. copper concluded the day down by 370 points at 457.95 cents. Despite this decline, prices settled near the session’s high, underscoring the solid near-term technical advantage held by the copper bulls. The daily bar chart reflects a three-month uptrend. The next objective for copper bulls is to propel prices above the strong technical resistance at 480.00 cents. Conversely, the bears aim to drive prices below the robust technical support at 440.00 cents. Initial resistance levels are observed at 460.00 cents and this week’s high of 464.50 cents, while initial support levels are seen at this week’s low of 450.50 cents and last week’s low of 446.60 cents. Wyckoff’s Market Rating for copper is at 7.5.
