Senior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
- Gold prices are slightly up and near the daily high, while silver is modestly down in midday U.S. trading Thursday. The markets are seeing some price consolidation following recent solid gains. Mild profit-taking from the shorter-term futures traders was featured in earlier trading. Still-keener risk aversion in the general marketplace as the Middle East crisis continues to play out will very likely keep a floor under the two safe-haven metals for at least the near term.
Rising bond yields and high tensions in the Middle East are squelching the equities market bulls late this week. Reports said Hamas is firing more missiles into Israel. This comes after an explosion at a Gaza hospital killed over 500 people earlier this week. U.S. and Israeli intelligence say the explosion was caused by Palestinian militants.
The key outside markets today see the U.S. dollar index lower. Nymex crude oil prices are slightly up and trading around $88.50 a barrel. The yield on the benchmark U.S. Treasury 10-year note yield is closing in on 5.0% and is presently fetching around 4.9%.
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