Gold and silver prices are going up a bit in early trading in the United States on Wednesday. This comes after they dropped quite a bit earlier this week. Many markets are quiet right now because people are waiting for the Federal Reserve’s meeting to end this afternoon. In June, the price of gold went up by $2.80 to $2,305.70, and in July, the price of silver went up by $0.101 to $26.755.
The Federal Reserve Open Market Committee (FOMC) meeting is happening today. Jerome Powell, the head of the Fed, will talk about their decisions later. People are really interested in what he has to say. Even though most experts don’t think the Fed will change how they manage money, everyone is still paying close attention. Some recent news about prices going up in the US has made people think the Fed might raise interest rates sooner than expected. Many think Powell will talk tough about keeping an eye on prices. The stock market in Asia and Europe had a mixed night, and it looks like the US stock market might open lower.
Other important things happening today include a report on how many jobs there are in the US and some reports on how businesses are doing. The US dollar is a little higher today, and the price of oil is a bit lower. The interest rate on government loans is at 4.69%.
Technically, the people who want gold prices to go up have been in a good position lately, but their power is getting weaker. The price of gold was going up for a while, but now it’s starting to go down. The next goal for the people who want prices to go up is to make sure the price of gold in June goes above $2,364.40. On the other hand, the people who want prices to go down are aiming to make sure the price of gold falls below $2,200.00. Right now, it’s expected that the price might face some resistance at $2,325.00 and then at $2,350.00. If the price starts falling, it might find support at $2,291.70 and then at $2,275.00. Overall, the situation is rated 6.5 out of 10 in terms of how things are going in the market according to Wyckoff.
The people who want silver prices to go up still have a small advantage, but it’s getting weaker. The price of silver was going up for a while, but now it’s starting to go down. The next goal for the people who want prices to go up is to make sure the price of silver in July goes above $28.00. On the other hand, the people who want prices to go down are aiming to make sure the price of silver falls below $25.00. Right now, it’s expected that the price might face some resistance at $27.00 and then at $27.50. If the price starts falling, it might find support at $26.50 and then at $26.25. Overall, the situation is rated 5.5 out of 10 in terms of how things are going in the market according to Wyckoff.
