(Kitco News, Mon. June 26th, 2023) – Gold and silver prices are higher in early U.S. trading Monday, on safe-haven buying following an aborted insurrection in Russia that has left the nuclear armed nation’s military destabilized and has the rest of the world wondering what happens next. August gold was last up $12.50 at $1,942.10 and July silver was up $0.521 at $22.875.
Geopolitics is back on the front burner of the marketplace following the weekend coup attempt in Russia that has at least temporarily been averted. Still, risk aversion is elevated to start the trading week. It appears Russian President Putin has seen his once-powerful authoritarian grip on his country loosened significantly, which has destabilized the Russian military. The marketplace will continue watching this situation very closely as its geopolitical implications are huge.
Global stock markets were mostly lower overnight. U.S. stock indexes are pointed toward weaker openings when the New York day session begins.
The key outside markets today see the U.S. dollar index weaker. Nymex crude oil prices are slightly up and trading around $69.50 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 3.688%.
U.S. economic due for release Monday includes the Texas manufacturing outlook survey.
Gold Price in US Dollars
Jun 26, 2023 09:31 NY Time
Bid
1,928.00
+7.80 (+0.41%)
Ask
1,929.00
Technically, the gold futures bears have the slight overall near-term technical advantage. A six-week-old price downtrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close in August futures above solid resistance at $2,000.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at $1,950.00 and then at $1,960.00. First support is seen at the overnight low of $1,931.50 and then at the June low of $1,919.50. Wyckoff’s Market Rating: 4.5.
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
The silver bears have the overall near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. Silver bulls’ next upside price objective is closing July futuresprices above solid technical resistance at $24.00. The next downside price objective for the bears is closing prices below solid support at $21.00. First resistance is seen at $23.00 and then at $23.23. Next support is seen at the overnight low of $22.435 and then at the June low of $22.14.
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com