Gold, silver punished by hawkish central bankers gold silver FEd
- Gold and silver prices are solidly lower and at three-month lows in midday U.S. trading Thursday. Central banks are in focus late this week and they are still leaning hawkish on their monetary policies. That’s bearish for the precious metals markets, both from a demand perspective and as it makes the competing asset class of government bonds more attractive as bond yields are rising. August gold was last down $19.40 at $1,925.70 and July silver was down $0.31 at $22.50.
Norway’s central bank raised its main interest rate by 0.5% Thursday. The Bank of England met today on its monetary policy and raised its main rate by an aggressive 0.5%. Meantime, Federal Reserve Chairman Powell gave testimony to a U.S. Senate committee today, following his remarks to a House committee on Wednesday. Powell leaned hawkish but generally repeated comments from his post-FOMC meeting press conference in mid-June.
Technically, August gold futures prices hit a 13-week low today. Bears have the slight overall near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close 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 today’s high of $1,945.10 and then at $1,950.00.
July silver futures prices hit a three-month low today. The silver bears have the overall near-term technical advantage. A choppy, six-week old price downtrend is in place on the daily bar chart. Silver bulls' next upside price objective is closing prices 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 today’s high of $22.75 and then at $23.00.
July N.Y. copper closed down 270 points at 388.65 cents today. Prices closed nearer the session low today and hit an 11-week high early on. The copper bulls have the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 410.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 370.
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