Gold near steady as traders await next major war event
Gold prices are near steady but near session highs near midday Thursday. Trading has been choppy the past couple weeks as traders assess the ramifications of the war on the metals markets in the near to intermediate term. Sliver prices are lower but up from their daily lows. Metals traders are awaiting the next shoe to drop regarding major U.S.-Iran war developments. June gold was last down $3.30 at $4,749.90. May silver prices were down $1.74 at $76.15.
The key outside markets see Nymex WTI crude oil prices higher and trading around $94.00 a barrel. The U.S. dollar index is near steady at midday. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.3 percent.
Note: The gold market operates through two primary pricing mechanisms. The first is the spot market, which quotes prices for on-the-spot purchase and immediate delivery. The second is the futures market, which sets prices for delivery at a future date. Due to year-end positioning market liquidity, the December gold futures contract is currently the most actively traded on the CME.
Technically, June gold futures bulls’ next upside price objective is to produce a close above solid resistance at $5,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,500.00. First resistance is seen at the overnight high of $4,771.30 and then at $4,800.00. First support is seen at this week’s low of $4,685.80 and then at $4,626.00. Wyckoff's Market Rating: 5.5.
May silver futures next upside price objective for the bulls is closing prices above solid technical resistance at the April high of $83.245. The next downside price objective for the bears is closing prices below solid support at $70.00. First resistance is seen at today’s high of $78.405 and then at $80.00. Next support is seen at $74.00 and then at $72.00. Wyckoff's Market Rating: 5.5.
