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Gold and silver rose like stock markets, bond yields fell

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(Kitco News) – Gold and silver prices Another sell-off in US stock indexes rose solidly in mid-day US trading on Tuesday, supported by falling US Treasury yields and the latest sharp losses in the US dollar index, which hit a four-week low today. Risk aversion is sharper in the overall market earlier this week, which is inviting safe-haven demand for precious metals. Gold futures for June delivery were last trading at $1,866.90, up $19.10. July Comex silver futures were last trading at $22.12 an ounce, up $0.392.

Global stock markets plunged mostly overnight. US stock indices are at or near the bear market region, defined as midday lower and 20% or more below their recent highs. Geopolitical and inflation concerns are making stock market bulls nervous. Fears of a US recession are mounting after some negative US economic data released today.



Later today, Fed Chairman Jerome Powell will make statements at an economics summit in Las Vegas.

The other major foreign market today is seeing Nymex crude futures prices weaker, trading around $109.50 a barrel. Meanwhile, the 10-year U.S. Treasury bond yields 2.749 percent.

24 hour live gold chart [Kitco Inc.]

Technically, gold futures prices for June delivery hit a two-week high again today. The 2.5-month price downtrend continues on the daily bar chart. However, any further price increase this week could negate the downtrend. Bears generally have a short-term technical advantage. However, the bulls have momentum on their side. The bulls’ next upside price target is to produce a close above solid resistance at $1,900.00. The Bears’ next short-term bearish price target is to push futures prices below solid technical support at the May low of $1,785.00. Initial resistance is seen at $1,875.00 followed by $1,883.00. Initial support is seen at $1,850.00 followed by this week’s low at $1,843.30. Wyckoff’s Market Rating: 4.0.

24 hour live silver chart [ Kitco Inc. ]

July silver futures still see a price downtrend on the daily bar chart. However, any further price increase this week could negate the downtrend. Silver bears generally have a short-term technical advantage. Silver bulls’ next upside price target is to close prices above solid technical resistance at $23.00 an ounce. The next downside price target for the bears is to keep closing prices below solid support at $20.42, the May low. Initial resistance is seen at today’s high at $22.215 followed by $22.50. The next support is seen at today’s low at $21,645 followed by $21.50. Wyckoff’s Market Rating: 3.0.

July NY copper closed today at 345 points at 431.05 cents. Prices closed close to the top of the session today. Copper bears generally have a short-term technical advantage. However, further gains this week could thwart a price downtrend on the daily bar chart. The copper bulls’ next upside price target is to push prices above solid technical resistance at 450.00 cents and close. The next downside price target for the bears is to keep closing prices below solid technical support at 403.70 cents, the May low. Initial resistance is seen at this week’s high of 435.50 cents, followed by 440.00 cents. Initial support is seen at today’s low of 425.65 cents, followed by 422.50 cents. Wyckoff’s Market Rating: 3.0.

Disclaimer: The views expressed in this article are those of the author and may not necessarily reflect those of the author. Kitco Metal A.S. The author has made every effort to ensure the accuracy of the information provided; but neither Kitco Metals Inc. nor can the author guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation for any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article cannot be held responsible for any loss and/or damage resulting from the use of this publication.

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