Jim Wyckoff - senior analyst at Kitco said that world gold prices are recording a strong increase, while silver prices are also increasing. The decline in the USD index and the decline in US Treasury yields during the day have positively supported precious metals.
August gold contract increased by 31.9 USD to 3,353.8 USD/ounce. July delivery silver price increased by 0.295 USD to 33.45 USD/ounce.
The market is continuing to monitor information that a three- judges' panel of the US International Court of Commerce in New York on Wednesday issued a verdict opposing the " released-day" tax issued by President Donald Trump. This federal court has national authority over disputes over tariffs and trade.
The ruling said Donald Trump had exceeded his authority under the International Emergency Economic Powers Act by imposing the tax rate without parliamentary approval.
The Trump administration has filed an appeal. If he fails in this lawsuit, Mr. Trump may have to adjust much of his trade policy and that will affect the way other countries negotiate with the US. Investors and transactions will closely monitor this development, which is expected to have many changes.
Previously, on April 2, 2025, US President Donald Trump announced the imposition of a basic tax of 10% on most imported goods, and a higher tax rate for countries with a large trade surplus with the US. The Trump administration called this a "liberation day," saying the policy would help the US economy escape dependence on imported goods.
According to records, the US stock index increased slightly in the middle of the session but lost most of its strong increase before.
In another development, the minutes of the FOMC meeting released on Wednesday afternoon did not reveal any major surprises, but the Wall Street Journal reported that the minutes mental that the US Federal Reserve (FED) will not cut interest rates soon. The minutes showed Fed members were increasingly concerned about "stagnant inflation" - meaning economic growth slows while inflation remains high.
In terms of technical analysis, the gold contract delivered in August is having technical advantages in the short term. The next goal of the buyer is to close the resistance of 3,400 USD/ounce. In contrast, the next goal of the seller is to push the price below the support threshold of US $ 3,200/ounce.
The first resistance level was 3,375 USD/ounce, followed by last week's peak of 3,395.3 USD/ounce. The first support is $3,325/ounce, followed by $3,300/ounce.
Key outside markets today saw the USD index fall sharply. WTI crude oil prices on Nymex exchanges weakened, trading around $61.25/barrel. The yield on the 10-year US Treasury note is currently at 4.426%.
For July delivery silver, buyers have a slight technical advantage in the short term. The next target for buyers is to close above the threshold of 34.015 USD/ounce. In contrast, the next target for the bears is to push prices below the support level of 31.78 USD/ounce.
The first resistance level was 33.75 USD, then 34.015 USD/ounce. Other support is $33/ounce and $22.74/ounce.
