Gold and silver prices surged in midday U.S. trading Thursday, with silver hitting a three-week high and leading the way. The weaker U.S. dollar index contributed to the bullish sentiment for precious metals. Technical buying in both gold and silver further supported the upward trend, with June gold up $18.20 at $2,340.50 and July silver up $0.794 at $28.40.
Amid a quieter week for fundamental news, traders have been closely monitoring key outside markets and charts for price direction. The U.S. dollar index was weaker, while Nymex crude oil prices edged higher to around $79.25 a barrel. The yield on the 10-year U.S. Treasury note stood at 4.49%.
In terms of technical analysis, gold futures bulls hold the near-term advantage despite a price downtrend on the daily chart. The next upside price target is a close above resistance at $2,400.00, while support is seen at $2,250.00. July silver futures reached a three-week high, with bulls gaining momentum and the next upside target at $29.00.
Elsewhere, copper closed slightly lower but maintained an overall uptrend. Bullish sentiment remains strong, with the next upside target at 480.00 cents and support at 440.00 cents.
Investors should exercise caution and consult with financial experts before making any decisions based on this information, as market conditions can change rapidly.
