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June 20, 2024
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Precious Metals

Gold sees some safe-haven demand as Mid-East tensions heat up


(Kitco News) – Gold prices are higher and silver slightly up in midday U.S. trading Thursday. Some safe-haven demand is featured in the yellow metal as risk aversion has up-ticked late this week following more military action in the Middle East. February gold was last up $9.70 at $2,016.10. March silver was last up $0.101 at $22.775.

Geopolitical tensions in the Middle East ratcheted up another notch as Pakistan launched retaliatory airstrikes inside Iran, killing at least 9 people. The strikes follow Iran’s attack Tuesday on Pakistani soil that killed two. The risk of escalation remained Thursday as Iran began a planned air defense drill from its port of Chabahar near Pakistan. Meantime, the U.S. has launched more air strikes against Iranian-backed Houthi rebel targets in Yemen.

U.S. stock index futures are higher near midday. The key outside markets today see the U.S. dollar index up and near this week’s four-week high. Nymex crude oil prices are higher and trading around $74.00 a barrel. Meantime, the yield on the benchmark U.S. Treasury 10-year note is presently fetching 4.146%.

Technically, February gold futures bulls have the overall near-term technical advantage but have faded recently. A three-month-old uptrend on the daily bar chart is in some jeopardy. Bulls’ next upside price objective is to produce a close above solid resistance at last week’s high of $2,067.30. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $2,000.00. First resistance is seen at $2,025.00 and then at Wednesday’s high of $2,036.10. First support is seen at today’s low of $2,007.70 and then at this week’s low of $2,004.60. Wyckoff’s Market Rating: 6.0.

March silver futures prices hit a two-month low early on today. The silver bears have the overall near-term technical advantage. A six-week-old downtrend is in place on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $24.00. The next downside price objective for the bears is closing prices below solid support at the November low of $22.26. First resistance is seen at $23.00 and then at this week’s high of $23.50. Next support is seen at today’s low of $22.52 and then at $22.26. Wyckoff’s Market Rating: 3.0.

March N.Y. copper closed up 155 points at 374.85 cents today. Prices closed nearer the session high and hit a two-month low today. The copper bears have the overall near-term technical advantage. Prices are in a downtrend on the daily bar chart. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance

at 385.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the October low of 355.75 cents. First resistance is seen at Wednesday’s high of 377.05 cents and then at this week’s high of 379.00 cents. First support is seen at today’s low of 371.45 cents and then at 370.00 cents. Wyckoff’s Market Rating: 3.5.

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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



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