Gold prices have risen strongly and hit a record high of $3,442.30 an ounce, according to Comex's June futures contract. Concerns about the risks in the general market are increasing, causing demand for gold as a safe-haven asset to continue to increase, and silver also has a slight increase.
Gold prices in June increased by $98, to $3,426.4/ounce. silver prices in May increased by 0.165 USD, to 32.63 USD/ounce.
Another sharp decline in the US stock market today is boosting demand for gold as a safe-haven asset. Stock markets in Asia and Europe also largely decreased in overnight trading.
A headline in the Wall Street Journal reads: The United States and China prepare for cold war as tensions escalate. The story says The current scenario was unimaginable.
In addition to the general concern in the market, US President Donald Trump criticized the Chairman of the US Federal Reserve (FED), Mr. Jerome Powell, and asked the FED to immediately cut interest rates through a post on social media.
More importantly, the greater price fluctuations during the day for gold are an initial sign that the current strong price increase of this precious metal is about to peak and the market may peak in a short time, rather than in terms of price. However, gold speculators will face great risks if they try to counter this strong uptrend.
Technically, June gold speculators are holding a strong near-term technical advantage. The next target for speculators is to create a close above the resistance level of $3,500/ounce. The next downside target for the sellers is to push prices below the technical support level of 3,250 USD/ounce.
The first resistance level was the high of the contract of 3,442.3 USD/ounce and then 3,450 USD/ounce. The first support level was $3,400/ounce and then the lowest level of last night was $3,344/ounce.
silver speculators in May are holding a strong technical advantage in the short term. Prices are on the upward trend on the daily chart. The next target for silver buyers is to close above the technical resistance level of $34/ounce.
The next downside target for the bears is to close below the solid support level of $31/ounce. The first resistance level was last week's high of 33.175 USD and then 33.5 USD. The next level of support was last night's low of 32.385 USD and then 32 USD.
Today's key outside market showed the USD index falling sharply and hitting a three-year low. Nymex crude oil prices fell and traded around $63.75/barrel. The yield on the 10-year US government bond is currently around 4.37%.
