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Gold and silver move higher leading into the European open
After closing higher on Tuesday's session gold has had another positive Asian session and trades 0.36% higher leading into the European open. Silver is also positive and trades above $26/oz moving 0.56% in the black. In the rest of the commodities complex, copper has pushed 0.25% higher and spot WTI is flat. Read More
Platinum is about to test an important technical level
The price of platinum has moved higher in recent sessions but it is about to come up against an important resistance. Looking at the daily chart below the overall waves have made a lower high and lower low formation. From an Elliott Wave perspective if this red resistance line is broken it would invalidate this being the wave three to the downside. If the level holds then this could still be the case and the market may notice some weakness in the coming weeks. Read More
EU industrial production misses expectations and inflation rises in the U.K.
The seasonally adjusted industrial production number fell by -1.0% in the euro area and by -0.9% in the EU, compared with April 2021, according to estimates from Eurostat. The analyst expectation was for the number to fall just -0.2% so this miss was pretty significant. Read More
Gold, silver see price gains ahead of Fed speak at mid-week
Gold and silver prices are firmer in early U.S. trading Wednesday. The marketplace focus today is on Federal Reserve Chairman Jerome Powell’s testimony to a House of Representatives committee today on U.S. monetary policy and the economy.
Traders and investors will be closely parsing Powell’s remarks, especially any comments on inflationary pressures after the U.S. consumer price index on Tuesday was reported at up 5.4% in June, year-on-year, which is the hottest in 13 years. Speaking of inflation, the U.S. producer price index for June is out this morning and is forecast at up 0.6% from May. August gold futures were last up $8.40 at $1,817.70 and September Comex silver was last up $0.15 at $26.29 an ounce. Read More
Inflation hit another 13-year high, expect $2k gold price by year-end if things don't change
Will Rhind, CEO of GraniteShares, said that gold, being an inflation hedge, can continue to rise if inflation does not cool off later this year.
"I think if we start to see inflation numbers high or elevated after the summer, when everybody gets back from vacations, September time, I think we can easily see [$2,000 gold] before the end of the year," Rhind told David Lin, anchor for Kitco News. Read More
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Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or other advice.
