Prices of gold were slightly down on Thursday, after two days of rises, as investors awaited Friday’s release of May inflation data from the United States. Announcing that interest rates would rise in July didn’t help matters either.
Similarly, platinum lost ground in the precious metals complex, erasing some of the gains it had made during a short but vigorous rally that propelled it above $1,000 per ounce.
A change in the price of something
Futures for August GCQ22, -0.13% fell 0.5 percent to $1,847 in the GCQ22 futures.
To put it another way, silver futures expiring in July fell 0.6 percent to $21.96.
A 1.4% decline in September palladium futures brought the price to $1,928 per pound.
There was a 2.48 percent drop in the price of platinum futures for July PLN22 to $985.
What the experts have to say
Investors are holding off on making fresh investments in precious metals until Friday’s US inflation report is released, according to Naeem Aslam, AvaTrade’s chief market analyst. However, he cautioned that the recent spike in inflation may not have peaked as of this month, based on statistics from May.
There is a great probability that the Fed will remain on autopilot with regards to monetary policy and we might witness bigger movements for the gold price since many believe this figure has hit its pinnacle.
A senior analyst at Kitco, Jim Wyckoff, claimed both silver and gold futures had momentum in the bears’ favor, before setting out the next crucial support and resistance levels for the yellow metals.
As of this writing, the bears’ next short-term target is to bring futures prices below $1,800.00. This week’s high of $1,862.40 and the previous week’s high of $1,878.60 are the first points of resistance. At this week’s low of $1,838.50 and at last week’s low of $1,830.20, Wyckoff sees first and second levels of support.
Markets outside of
The S&P 500 index futures, which expire at the end of the month with a gain of 0.2 percent to 4,124, were higher in other markets, with the SPX, -1.08 percent. Predicted DJIA, -0.81% futures increased 0.4% to 32,997, the highest level since September 2011.
Tesla (NASDAQ: TSLA) stock is trading at $741.97 +2.26%, Apple (NASDAQ: AAPL) at $146.44 -1.03% and Microsoft (NASDAQ: MSFT) at $271, 20 + 0.29%. The euro gained value against the dollar as a consequence of the ECB’s announcement.
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