Gold, silver down as greenback bulls flex their muscles gold silver
- Gold and silver prices are lower in midday U.S. trading Tuesday, but up from their daily lows. Silver notched a seven-week low today. An appreciating U.S. dollar index that hit a two-month high today, as well as rising U.S. Treasury yields, have the gold and silver market bulls in hiding. Chart-based selling is also featured recently as the near-term technical postures for both metals have deteriorated. June gold was last down $8.60 at $1,968.40 and July silver was down $0.301 at $23.56.
The apparent progress on the U.S. debt talks may be prompting some added selling pressure on the safe-haven gold and silver markets. Also, Federal Reserve officials’ recent comments have been generally still leaning more hawkish than dovish on U.S. monetary policy, which is another bearish element for the metals.
Technically, June gold futures bulls still have the overall near-term technical advantage but have faded. Prices are in a three-week-old downtrend on the daily bar chart, to suggest a near-term market top is in place. 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 $1,975.
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