Gold loses early gains as dollar rises and US Treasury yields

Gold loses early gains as dollar rises and US Treasury yields

Editor’s Note: With so much market volatility, stay tuned for the daily news! Immerse yourself in minutes with our quick summary of today’s news and must-read expert opinions. Register here!

(Kitco News) – Gold prices fell slightly at midday on Monday in the US, while silver held moderate gains. Both metals lost ground in morning trading as the US dollar index rose to a daily high, while US Treasury yields resumed their upward advance. The 10-year US Treasury yield now fetches 3.02%. August gold futures fell $4.70 to $1,845.50 last time. Comex silver futures for July were up $0.212 at $22.115 an ounce.

Global stock markets were mostly high overnight. US stock indices are higher at midday. Traders and investors’ appetite for risk is more eager to start the trading week, amid the easing of COVID restrictions in China.

Two key data points for this week are the European Central Bank’s regular monetary policy meeting on Thursday, where the central bank is expected to lay out plans to tighten its monetary policy. On Friday, the US Consumer Price Index report for May is due out. The CPI is expected to rise 8.2% y/y after rising 8.3% in April.



The other major offshore market today sees Nymex crude prices slightly weaker and is trading around $118.50 per barrel.

Technically, the bears on August gold futures have the overall technical advantage in the near term but the bulls are still working on a new upward trend in prices. However, they need to show new strength soon to keep it alive. The next bullish price target for the bulls is to produce a close above the solid resistance at $1,900.00. The bears’ next bearish price target in the near term is pushing futures prices below the strong technical support level at $1,800.00. We notice the first resistance at the day’s high at $1,861.20 and then at $1,875.00. First support is seen at last week’s low at $1,830.20 and then at $1,825.00. Wyckoff Market Rating: 3.5

24 hour silver chart [ Kitco Inc. ]

The July silver futures bears have the overall technical advantage in the near term. However, the bulls are working on a recent price uptrend on the daily chart. The next bullish price target for the silver bulls is to close prices above the strong technical resistance at $23.00 an ounce. The next target for the bears downtrend price is a price close below the strong support level at $21.00. We notice the first resistance at the day’s high at $22.565, then at $23.00. The next support appears at $21.785 and then last week’s low at $21.41. Wyckoff Market Rating: 3.5.

Copper in New York closed July down 375 points at 443.40 cents today. Prices closed near the mid-range today. Prices have retreated significantly from their highest level in five weeks last Friday. Copper bulls still have the overall technical advantage in the near term. There is a 3 week uptrend in the price on the daily bar chart. The next bullish price target for the copper bulls is to propel and close prices above the strong technical resistance at 465.00 cents. The next target for the bears downtrend price is to close prices below strong technical support at last week’s low at 425.90 cents. First resistance was seen at 450.00 cents, then last week’s high at 457.70 cents. First support is seen at the day’s low at 443.65 cents and then at 435.00 cents. Wyckoff Market Rating: 6.0.

Disclaimer: The opinions expressed in this article are those of the author and may not reflect the views of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; However, Kitco Metals Inc. cannot. Nor does the author guarantee this accuracy. This article is for informational purposes only. It is not a solicitation to conduct any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. does not accept The author of this article will be liable for losses and/or damages arising from the use of this publication.

2022-06-06 16:13:00

Leave a Comment

Your email address will not be published. Required fields are marked *