(Kitco News) –
Gold and silver prices are solidly higher in early US trading Friday. Gold minced a six year high, while silver prices hit a 13-month peak. A central US federal bank official Thursday afternoon surprised the marketplace with its aggressive monetary policy comments. August gold futures were last up $ 11.20 an ounce at 1,439.30. September Comex silver prices were up to $ 0.202 at $ 16.40 a ounce.
The market is still buzzing about remarks made by influential President John Williams on Thursday afternoon. He suggested that the Fed should be more aggressive in its monetary policy measures to prevent a downturn in the US economy. As a result, some market researchers believed that the Fed could cut a 0.5% interest rate cut on its FOMC meeting at the end of July. Later, the Federal Reserve tried to "return" Williams's comments. St. Louis Fed President James Bullard on Friday said a 0.25% US short-term price cut is appropriate.
Asian and European stocks were mainly higher overnight. US stock indices point to slightly higher openings when the New York Day session's beings. US indices hit record and contract levels earlier this week.
US dollars Thursday afternoon dropped and US government bonds were rallied after Williams & # 39; comments.
The key "outside markets" today sees Nymex crude oil firmer and trades just under $ 56.00 a barrel. The oil market bulls have faded this week during the spoken US and Iran could start talking about US sanctions against Iran. However, there were also reports that the US military and Iran's military are challenging each other near the Strait of Hormuz, including unconfirmed reports, the United States knocking down an Iranian drone. Meanwhile, the US dollar index is higher today on a return after the sale of Thursday following Williams & # 39; comments.
US Economic Data Due to Release Friday is easy and includes the consumer's sentiment survey from the University of Michigan.
Technically, the gold bulls have a solid overall, long-term technical advantage. A seven-week-old outing is in place on the daily line chart, and the prices just saw a bullish upward "breakout" from the latest trading area on the daily line chart. Bull's next upside goal is to produce a near future in solid futures over $ 1,500.00. Bear's next close-down price cut is pushing August futures prices under solid technical support at $ 1,400.00. First Resistance is seen at today's high of $ 1,454.40 and then at $ 1,460.00. First aid is seen at today's lows of $ 1,436.20 and then at $ 1,425.00. Wyckoff's Market Review: 8.0
September Silver Futures Bulls have solid solid long-term technical advantage and have momentum on their side. Sølvtjurs next upcoming price breach target is the closing price over solid technical resistance of $ 17.00 per ounce. The next down to the price level for the bear is the final price under solid support of $ 15,625. First resistance is seen at today's high of $ 16.50 and then at $ 16.75. Next support is looked at overnight low at $ 16.27 and then at $ 16.00. Wyckoff's Market Evaluation: 8.0.
Disclaimer: The views expressed in this article are the author's and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; However, Kitco Metals Inc. or the author cannot guarantee such accuracy either. This article is for informational purposes only. It is not a call to make exchanges in goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept liability for any loss or damage arising from the use of this publication.