Gold and silver prices went down a little bit in early U.S. trading on Wednesday. This happened because there wasn’t much new important news affecting the market. Some factors that caused this dip were a stronger U.S. dollar and lower crude oil prices. In simple terms, the demand for gold and silver was a bit lower because of these reasons. In specific numbers, the price of gold dropped by $2.20 to $2,322.00, and silver dropped by $0.059 to $27.485.
In other parts of the world, stock markets in Asia and Europe didn’t perform too well overnight. And in the U.S., stock markets are expected to open a bit lower. However, in the past few weeks, the U.S. stock market has been doing better overall.
In the news overnight, Neel Kashkari, who is from the Minneapolis Federal Reserve Bank, talked about U.S. money stuff. He hinted that the central bank might not change interest rates for a while. Kashkari doesn’t have a direct say in these decisions.
Sweden’s central bank, called Riksbank, lowered its main interest rate by a bit.
China’s central bank has been buying more gold for the past year and a half, but it’s not buying as much as before.
The U.S. dollar is stronger today. Oil prices went down and are at a low point. The yield on U.S. Treasury notes is at 4.46%.
Today, some U.S. economic info will be released, like mortgage applications, wholesale trade numbers, and a report on energy stocks.
In simpler terms, for gold futures, the people who think prices will go up have a bit of an advantage right now. But if you look at the daily chart, prices are still generally going down. The next goal for those who think prices will go up is to get the June futures to close above $2,400. On the other hand, if you think prices will go down, the next goal is to get the futures to drop below $2,250.
Right now, the highest price gold reached overnight was $2,329.60, and this week’s highest price was $2,341.90. On the flip side, the lowest price overnight was $2,311.40, and if it goes lower, it might reach $2,300.
Wyckoff’s Market Rating, a measure of how the market is doing, is currently at 6.5.
In simpler terms, for silver futures, the people who think prices will go up a bit have a small advantage right now. But if you look at the daily chart, prices are still generally going down.
The next goal for those who think prices will go up is to get the July futures to close above $29. If you think prices will go down, the next goal is to get the prices to drop below $26.255, which was the low point last week.
Right now, the highest price silver reached this week was $27.77, and if it goes higher, it might reach $28. On the other hand, the lowest price silver reached overnight was $27.24, and if it drops lower, it might hit $27.
Wyckoff’s Market Rating, which shows how well the market is doing, is currently at 5.5.
