Gold and silver prices are higher in early U.S. trading Wednesday. A steady flow of safe-haven buying is pushing the precious metals prices higher this week. June gold was last up $26.30 at $3,310.90. July silver prices were last up $0.126 at $33.30.
In overnight news, the CNN news outlet reported U.S. intelligence suggests Israel is preparing to strike Iran’s nuclear facilities. The marketplace is not too unnerved over the report. It’s likely Israel has had contingency plans to strike Iran’s nuclear facilities for years.
Gold prices have rebounded at mid-week, on renewed safe-haven demand, including stronger demand from China. Broker SP Angel reports today in an email dispatch: “We continue to see Chinese buying as the primary driver of the gold price, and the market was likely reassured by data showing April imports rose 73%, month-on-month, to 127.5 metric tons–an 11-month high. China’s central bank has recently allocated fresh quotas to commercial banks, boosting gold demand. Additionally, Chinese insurance companies are also being encouraged to boost their gold holdings, as China continues to diversify its foreign reserve holdings and asset base. Chinese retail buying of gold comes amid concerns over their domestic property market and Chinese yuan depreciation.”
Bloomberg reported overnight that Chinese jewelers and investors imported the most platinum in a year last month, as the precious metal’s stability enhanced its attractiveness over the more volatile gold market.
Asian and European stock markets were mixed to firmer in overnight trading. U.S. stock indexes are pointed to lower openings today in New York.
The key outside markets today see the U.S. dollar index solidly lower. Nymex crude oil futures prices are firmer and trading around $62.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.567%.
U.S. economic data due for release Wednesday is light and includes the weekly MBA mortgage applications survey and the weekly DOE liquid energy stocks report.
Gold and silver prices are higher in early U.S. trading Wednesday. A steady flow of safe-haven buying is pushing the precious metals prices higher this week. June gold was last up $26.30 at $3,310.90. July silver prices were last up $0.126 at $33.30.
In overnight news, the CNN news outlet reported U.S. intelligence suggests Israel is preparing to strike Iran’s nuclear facilities. The marketplace is not too unnerved over the report. It’s likely Israel has had contingency plans to strike Iran’s nuclear facilities for years.
Gold prices have rebounded at mid-week, on renewed safe-haven demand, including stronger demand from China. Broker SP Angel reports today in an email dispatch: “We continue to see Chinese buying as the primary driver of the gold price, and the market was likely reassured by data showing April imports rose 73%, month-on-month, to 127.5 metric tons–an 11-month high. China’s central bank has recently allocated fresh quotas to commercial banks, boosting gold demand. Additionally, Chinese insurance companies are also being encouraged to boost their gold holdings, as China continues to diversify its foreign reserve holdings and asset base. Chinese retail buying of gold comes amid concerns over their domestic property market and Chinese yuan depreciation.”
Bloomberg reported overnight that Chinese jewelers and investors imported the most platinum in a year last month, as the precious metal’s stability enhanced its attractiveness over the more volatile gold market.
Asian and European stock markets were mixed to firmer in overnight trading. U.S. stock indexes are pointed to lower openings today in New York.
The key outside markets today see the U.S. dollar index solidly lower. Nymex crude oil futures prices are firmer and trading around $62.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.567%.
U.S. economic data due for release Wednesday is light and includes the weekly MBA mortgage applications survey and the weekly DOE liquid energy stocks report.
Technically, June gold futures bulls have regained the overall near-term technical advantage and have momentum now. Bulls’ next upside price objective is to produce a close above solid resistance at $3,400.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the May low of $3,123.30. First resistance is seen at the overnight high of $3,322.50 and then at $3,350.00. First support is seen at the overnight low of $3,287.00 and then at $3,250.00. Wyckoff’s Market Rating: 6.5.
July silver futures bulls have gained the slight overall near-term technical advantage. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $34.015. The next downside price objective for the bears is closing prices below solid support at the May low of $31.78. First resistance is seen at $33.48 and then at $33.75. Next support is seen at $33.00 and then at $32.50.
Technically, June gold futures bulls have regained the overall near-term technical advantage and have momentum now. Bulls’ next upside price objective is to produce a close above solid resistance at $3,400.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the May low of $3,123.30. First resistance is seen at the overnight high of $3,322.50 and then at $3,350.00. First support is seen at the overnight low of $3,287.00 and then at $3,250.00. Wyckoff’s Market Rating: 6.5.
Gold and silver prices are higher in early U.S. trading Wednesday. A steady flow of safe-haven buying is pushing the precious metals prices higher this week. June gold was last up $26.30 at $3,310.90. July silver prices were last up $0.126 at $33.30.
In overnight news, the CNN news outlet reported U.S. intelligence suggests Israel is preparing to strike Iran’s nuclear facilities. The marketplace is not too unnerved over the report. It’s likely Israel has had contingency plans to strike Iran’s nuclear facilities for years.
July silver futures bulls have gained the slight overall near-term technical advantage. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $34.015. The next downside price objective for the bears is closing prices below solid support at the May low of $31.78. First resistance is seen at $33.48 and then at $33.75. Next support is seen at $33.00 and then at $32.50.
Source: Kitco
