Live Spot Gold
Bid/Ask
2,388.902,389.90
Low/High
2,375.802,398.30
Change
+5.20+0.22%
30daychg
+62.90+2.70%
1yearchg
+417.60+21.18%
Silver Price & PGMs
Today’s data saw the Federal Reserve’s FOMC meeting begin this morning and ends Wednesday afternoon, as well as the JOLTS report. The JOLTS (jobs and labor turnover survey) report for June showed the number of U.S. job openings was unchanged at 8.2 million on the last business day of June, the U.S. Bureau of Labor Statistics said. Over the month, both the number of hires and total separations were little changed at 5.3 million and 5.1 million, respectively. The markets showed little lasting reactions to the report, which contained no surprises. The Bank of Japan’s two-day monetary policy meeting also began today.
The key outside markets today see the U.S. dollar index slightly firmer after hitting a three-week high Monday. Nymex crude oil prices are lower, hit a six-week low overnight, and trading around $74.75 a barrel. The benchmark 10-year U.S. Treasury note yield is presently around 4.18%.
Technically, December gold bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at last week’s high of $2,481.10. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $2,350.00. First resistance is seen at the overnight high of $2,442.90 and then at $2,450.00. First support is seen at the overnight low of $2,421.50 and then at this week’s low of $2,414.50.
September silver futures bears have the overall near-term technical advantage. Prices are trending down on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at last week’s high of $29.63. The next downside price objective for the bears is closing prices below solid support at the May low of $26.55. First resistance is seen at this week’s high of $28.335 and then at $29.00. Next support is seen at this week’s low of $27.45 and then at $27.00.
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com