Gold holds moderate gains after FOMC statement as expected

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(Kitco News) – Gold and silver prices rose moderately on Wednesday afternoon in the United States. Comex futures closed today at a record close. The bulls remain very strong looking to add to their recent bullish price action. August gold futures were last up $ 7.30 an ounce to $ 1,951.80. Comex silver prices in September were last up $ 0.045 to $ 24.34 an ounce.
The just released Federal Reserve Open Market Committee (FOMC) statement shows no change in US interest rates or monetary policy, as expected. The Fed has said monetary policy will depend on how the pandemic plays out in the months to come. Traders are now awaiting a press conference from Fed Chairman Jerome Powell. He will likely reaffirm that U.S. interest rates will remain low for a long time amid the challenges of tackling the pandemic.
Global stock markets were mixed in overnight trading. US stock indices are firmer in afternoon trades. US stock indexes have recently been supported by reports of corporate earnings which have generally exceeded market expectations.
Meanwhile, Republican senators are currently divided over a new stimulus package for Americans as their August recess approaches.
Important foreign markets today are seeing Nymex crude oil prices slightly firmer and trading around $ 41.25 per barrel. The US dollar index is lower. The yield on the benchmark 10-year US Treasury note is currently trading around the 0.59% level.

Technically, the August gold futures bulls have the strong overall short-term technical advantage, suggesting even more near-term bullishness. Prices are in a seven week uptrend on the daily bar chart. The next bullish target for gold bulls’ short term price is to produce a close above technical resistance at $ 2000.00. Bears’ next short-term price drop target is to push prices under strong technical support at $ 1,850.00. The first resistance is seen at today’s high of $ 1,960.00 and then the all-time high of $ 1,974.70. First support is seen at today’s low of $ 1,935.20 and then at $ 1,900.00. Wyckoff Market Rating: 9.5

24 hour live money graph [ Kitco Inc. ]

September silver futures bulls have the strong overall short-term technical advantage to suggest even more upside. Prices are in a 4.5 month uptrend on the daily bar chart. The next bullish price target for Silver Bulls is to close price above strong technical resistance at today’s high of $ 26.275 per ounce. The next lower price target for the bears is to close the price below strong support at $ 22.00. The first resistance is seen at $ 24.82 and then at $ 25.00. The next support is seen at $ 24.00 and then at $ 23.50. Wyckoff Market Rating: 9.0.
New York’s September copper closed flat at 291.75 cents today. Prices closed near the mid-range today. The copper bulls have the strong overall technical advantage in the short term. Prices are in a 4.5 month uptrend on the daily bar chart. The next bullish price bull target for copper is to push and close the price above the strong technical resistance at 300.00 cents. The next lower price target for the bears is to close the price below strong technical support at 275.00 cents. First resistance is seen at this week’s high of 294.00 cents and then at 297.00 cents. First support is seen at last week’s low at 286.65 cents and then 284.50 cents. Wyckoff Market Rating: 7.5.

Warning: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has done everything possible to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not a solicitation to effect an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.

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