Gold and silver prices are slightly lower today in the middle of the trading day in the United States. This comes after they made decent gains on Monday. The value of the U.S. dollar is a bit stronger today, which is not great news for people who trade gold and silver because it makes them less attractive. Right now, the price of gold for June is down by $10.00 to $2,321.30, and the price of silver for July is down by $0.089 to $27.525.
There hasn’t been a big change in how willing people are to take risks today, even after Israel said it took control of part of a city in Gaza near Egypt. Israel is doing more military actions in Gaza, even though there were hopes that Israel and Hamas might agree to stop fighting soon.
In other markets, the U.S. dollar is a little stronger, the price of crude oil is about the same as before at $78.50 per barrel, and the interest rate on 10-year U.S. Treasury notes is at 4.429%.
In simple terms, right now the people who think the price of June gold will go up have a bit of an advantage. But if we look at how prices have been changing each day, they’ve mostly been going down. The next goal for those who believe the price will go up is to make sure it closes above $2,400.00. On the other hand, if those who think the price will go down get their way, they want the price to drop below $2,250.00.
If we look at the recent highs and lows, the first big challenge for the price going up is reaching $2,341.90 and then $2,350.00. And if the price starts to go down, the first major support is expected at $2,300.00, followed by last week’s low of $2,285.20.
Overall, the situation is rated at 6.5 out of 10 by a market analyst named Wyckoff.
In simple terms, right now the people who think the price of July silver will go up have a bit of an advantage. The trend of prices going down has stopped for now. The next goal for those who believe the price will go up is to make sure it closes above $29.00. On the other hand, if those who think the price will go down get their way, they want the price to drop below last week’s low of $26.255.
Looking at the recent highs and lows, the first big challenge for the price going up is reaching $27.77 and then $28.00. And if the price starts to go down, the first major support is expected at $27.25, followed by $27.00.
Overall, the situation is rated at 6.0 out of 10 by a market analyst named Wyckoff.
In the copper market, the situation is a bit more positive for those who believe the price will go up. The trend has been going up for the past three months, giving the advantage to the people who think the price will rise. Their next goal is to push the price above 480.00 cents. If the price starts to go down, the first support is expected at this week’s low of 453.55 cents, followed by 450.00 cents.
The current situation in the copper market is rated at 7.5 out of 10 by the same analyst, Wyckoff.
