Gold and silver prices are down sharply from yesterday’s highs, currently sitting at $1922.33 and 23.59. Precious metals had been soaring lately, reaching a 9-month high yesterday. The rising precious metals prices had been fueled by the belief that the Federal Reserve may ease up on its monetary policy sooner rather than later. The market is still digesting the Federal Open Market Committee (FOMC) statement and Fed Chair Jerome Powell’s press conference from yesterday. Although the Fed raised the Fed funds rate range as expected, Powell’s remarks indicated that the Fed may be close to ending its string of interest rate increases. The European Central Bank and the Bank of England both raised their main interest rates by 0.5% in their monetary policy meetings today, which was expected.
US stock indexes opened higher with S&P at its highest level in 5 months and the US dollar index opened a bit higher, albeit a bit weaker, hitting a 9-month low yesterday. The yield on the US 10-year Treasury note is 3.409%. Key US economic data releases for Thursday include the weekly jobless claims report and the January employment situation report from the Labor Department, which is expected to show an increase of 187,000 jobs.
Technically, gold and silver futures both have the advantage and have gained momentum this week. For gold, the next resistance is at $1,975.00 and $1,985.00, with support at $1,950.00 and $1,936.00. For silver, resistance is at $24.65 and $24.78, with support at $24.00 and $23.50.
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All Updates and Market info are provided as a third party analysis and do not necessarily reflect the explicit views of GoldClub Direct LLC. and should not be construed as financial advice.