Gold, silver rally amid less-hawkish Fed, weaker USDX gold silver weakerUSDX
- Gold and silver prices solidly higher in midday U.S. trading Thursday, boosted in the wake of the Federal Reserve raising its main interest rate by a quarter-point, but also suggesting rates will not continue to rise. A depreciating U.S. dollar on the foreign exchange market is also working in favor of the metals market bulls late this week. April gold was last up $47.70 at $1,996.90 and May silver was up $0.509 at $23.30.
While the Federal Reserve’s FOMC meeting produced a mostly expected quarter-point rate hike, Fed Chair Powell at his press conference leaned a bit more dovish than he had been in recent months. That boosted the precious metals and briefly rallied the U.S. stock indexes. However, what rattled the U.S. stock market late in the session Wednesday was comments from U.S.
Technically, April gold futures bulls have the solid overall near-term technical advantage. Prices are in a fledgling uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at this week’s high of $2,014.90. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,922.30. First resistance is seen at $2,000.00 and then at $2,014.90. First support is seen at today’s low of $1,967.
May silver futures prices hit a seven-week high today. The silver bulls have the firm overall near-term technical advantage. Prices are in a steep, fledgling uptrend 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 $22.00. First resistance is seen at $23.50 and then at $23.75. Next support is seen at $23.00 and then at $22.50.
May N.Y. copper closed up 795 points at 412.35 cents today. Prices closed near the session high and hit a three-week high today. The copper bulls have gained the overall near-term technical advantage. A two-month-old downtrend on the daily bar chart has been negated. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the January high of 435.90 cents.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold sees heavy profit taking, position evening as Fed decision loomsSenior 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
Read more »
The Fed meet & weekly gold chart stochasticsKitco News' contributed commentary features articles and opinions from some of the top experts in the gold industry.
Read more »
Trading Game Plan: Major Fed decision and trade levels on stocks, crypto, gold, oil and moreToday's LIVE trading Game Plan with Master Trader GarethSoloway starts at 9 a.m. EST ⏰ Make sure to tune in here - gold crypto FED
Read more »
Fed has ‘punished' the gold sector and Musk is ‘wrong' on copper - Kai Hoffmann(Kitco News) - The Federal Reserve’s rate hikes have squeezed the gold sector and the pain is likely to last for some time, according to Kai Hoffmann, founder of Soar Financial and CEO of Oreninc.
Read more »
Gold futures surge $32 higher after the Fed signals a pause in hikes is imminentExclusive to Kitco News, technical analyst Gary Wagner provides a daily recap of what happened in the gold market, highlighting important events that captured investors' attention during the U.S. trading session. Wagner's commentary features a mix of fundamental news and technical analysis, noting important support and resistance levels.
Read more »
Altcoins rally and Bitcoin holds above $28K as all eyes focus on the FedGlobal financial markets trended higher on Tuesday as efforts to stabilize the banking system helped calm investors' nerves. Now, the focus is on the Fed and interest rates.
Read more »