Gold concluded the U.S. day session in a reasonably higher close back at a slightly higher key of $1,300 level along with the two-week high hit last week. The precious yellow element was augmented on several safe-haven purchasing interest and by hefty solid losses in the U.S. dollar index.
The precious yellow element was bolstered on some safe-haven purchasing interest and by solid losses in the U.S. dollar index. June gold was last seen $10.60 at $1,308.90 an ounce. Moreover, spot gold was last seen up at $12 at $1,309.5. Furthermore, May Comex silver was last seen traded up $0.128 at $20,035 per ounce.
The Russia-Ukraine matter is again back on the front burner of the market. Pro-Russian activists in the Ukraine are getting fired up as the week progresses. The situation could escalate quickly and become a geopolitical flash point. Gold saw a bit of new safe-haven demand earlier this week due to the growing Russia-Ukraine upheaval.
The U.S. dollar index is presently under strong selling pressure by the start of the week as the greenback bulls are growing fainter once more. Suppose the dollar will persist to sink it would relatively remain a bullish underlying factor for the market for precious metals.
Investors and traders alike are looking ahead from last week’s release of the minutes of the recent meeting of the Federal Reserve’s Open Market Committee. Data from the Fed became key variation points for the market place in the course of several months. Despite of the monthly employment report from the labour Department, it appears several other U.S. economic data has reduced in terms of priority during the past several months.
U.S. economic data that were released last week included the world economic outlook forecasts by the IMF, NFIB small business index and the weekly Johnson Redbook and Goldman Sachs retail sales reports with none of the aforementioned data had substantial impact on the market place. The Fed officials spoke to the concerned parties which hopefully will garner more attention to the market place.
In the more technical aspect of things, June gold future prices closed much nearer to a session high last week. The bears still have the overall near-term technical advantage. However, there are presently new clues that this market has put a near-term bottom with the gold bulls next to the upside near term price breakout objective is to make sure that it close to an above solid technical resistance at the $1,320.00 level.
The bears’ next term downside breakout cost objective closed prices below a solid technical support at the recent week’s low of $1,300 and at this week’s low of$1,295.80.
The May silver future prices were able to close near the mid range last week on short which covered a bearish market. Prices are yet in a six-week old downtrend on the daily bar chart which had a bearish overall near-term technical advantage. Silver bulls were next on the upside price breakout objective closed prices above the solid technical resistance at the $20.63 an ounce mark.
The next downside price breakout goal for the bears was to close prices below the solid technical support at $19.00. The first resistance was seen at $20.23 followed by $20.50 which was succeeded at the low of $19.775 and then the March low of $19.575.
May N.Y. copper was able to close 145 points at 305.4 cents last week with prices closed nearer the session high and closed at a fresh four-week high close respectively. Moreover, bears still have the overall near-term technical advantage with copper bulls next upside breakout objective is pushing forward and closing prices above solid technical resistance at the 310 cent mark.
The next downside price breakout is closing below solid technical support at the March low of 287.70 cents. The first resistance was seen at the recent week’s high of 307.4 cents which later increased to 310 cents. First support was seen last week’s low 302.65 cents and then at 300 cents.