Gold rallies as bulls brush off hot U.S. inflation report gold silver inflation
- Gold prices are moderately up and silver slightly higher in midday U.S. trading Thursday, in the aftermath of a U.S. inflation report that came in hot. Gold and silver traders may reckon that recent sell offs have already factored into the metals’ prices the fact the Federal Reserve will have to remain hawkish for longer on U.S. monetary policy. April gold was up $6.50 at $1,851.70 and March silver was up $0.118 at $21.69.
Global stock markets were mostly higher. U.S. stock indexes are pointed toward lower openings when the New York day session begins. The fact the U.S. dollar index could not rally on today’s hot PPI number also suggests the market place has dialed in the Fed’s future intentions on keeping interest rates higher for longer.
Technically, April gold futures prices hit a six-week low early on today. Bulls have the very slight overall near-term technical advantage. A fledgling downtrend is in place on the daily chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,900.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at Wednesday’s high of $1,870.
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