Senior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
- Gold prices are modestly down and hit another five-month low today, as U.S. Treasury yields are on the rise, with the 10-year note scoring its highest yield in 15 years, at around 4.3%. The present rally in the U.S. dollar index is another bearish element that have the gold and silver sellers in overall control. December gold was last down $5.20 at $1,923.20 and September silver was up $0.19 at $22.72.
The key outside markets today see the U.S. dollar index near steady on a pause from recent gains. Nymex crude oil prices are higher and trading around $81.00 a barrel. In overnight news, China’s central bank said it will provide further stimulus to the listing Chinese economy. The central bank said it wants to prevent the Chinese yuan from further depreciation. The central bank also said it will coordinate financial support for local government debt risk and provide support to the housing market. The statements came from the People’s Bank of China second-quarter monetary policy report.
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