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Gold continues to decline as the Fed prepares to fight inflation

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Gold continues to decline as the Fed prepares to fight inflation

The Federal Reserve’s next FOMC meeting is just under two weeks away, and market participants are gaining insight from Chairman Powell and other Federal Reserve voting members. Recent statements by Chairman Powell have indicated a major shift in his position regarding inflation. Up until his most recent statements, he maintained that inflation levels had peaked, were transitory, and would begin to decline. However, he has been forced to reevaluate those assumptions based on the reality that the CPI is currently at 8.5% for March, and the PCE index came in at 6.4% in February. PCE numbers for March will be released on April 29.

Statements by all members of the Federal Reserve have intrinsically contained subtle changes in words used to describe their forward guidance, this was not the case this week when Chairman Powell addressed the issue of inflation head-on.

For the first time, Powell was forced to acknowledge that, “it is appropriate to be moving a little more quickly … Our goal is to use our tools to get demand and supply back in synch…and do so without a slowdown that amounts to a recession …It is going to be very challenging.”

During the March FOMC meeting, the Federal Reserve began its process of interest rate normalization or “lift-off” by raising the Fed Funds rate from virtually zero (0% to ¼%) by ¼% taking interest rates to 25 – 50 basis points.

The most recent inflationary data indicates that Americans are experiencing the highest inflationary pressure since January 1982, which makes it almost certain that the Federal Reserve adopt a much more hawkish monetary policy in the remaining FOMC meetings this year.

St. Louis Federal Reserve President James Bullard did not mince words about changes to their forward guidance. In a virtual speech on Monday Bullard alluded to raising rates by 75 basis points (3/4%) saying that when it comes to a potential 75 basis point increase “I wouldn’t rule it out”. Bullard also said that multiple rate hikes of ½ a percent are almost a certainty as the Federal Reserve begins the task of taming inflation.

Certainly, the Federal Reserve is faced with the dilemma of moving inflation to its 2% target without creating an economic contraction that would lead to a recession. Although both Chairman Powell and James Bullard maintain that a “soft landing” is possible the probability of the Fed pulling off such a feat is extremely low.

These dynamic changes in the future outlook of the Fed’s monetary policy sent ripples through many sectors of the financial markets. Dollar strength and higher yields in U.S. Treasuries both benefited from the almost certain likelihood of a series of strong rate hikes. U.S. equities and the safe-haven assets such as gold both experienced solid price declines as a direct result of upcoming rate hikes. As of 5:42 PM, EDT gold futures are currently fixed at $1932.50 based on the most active June contract after factoring in today’s decline of $15.70 or 0.81%.

Gold has declined aggressively since April 18 when gold hit a high of $2003. Gold declined 3.54% this week. However, our current studies indicate the strong potential for technical support at $1927. The gold chart above indicates that support is based upon two Fibonacci retracement sets.

The long retracement set begins at $1777 which occurred in February and concludes at $2078 which occurred during the first week of March. The second data set begins at $2078 and concludes at $1885 which occurred at the end of March concluding a short corrective period. Combined the Fibonacci retracement sets both indicate $1927 as a key level. It is a 78% Fibonacci retracement of the longer data set and a 50% retracement of the shorter data set. The fact that both studies indicate that that price point is significant strengthens the probability that gold prices will find technical support at that level.
 

By Gary Wagner

Contributing to kitco.com

Time to buy Gold and Silver on the dips

 

Tim Moseley

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Drones eVTOLs and more Can the FAA keep up?

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Drones, eVTOLs, and more… Can the FAA keep up?

by Jeff Brown, editor, The Bleeding Edge

 

How we’ll manage our busy skies…

I used to fly Cessna 172s when I was getting my private pilot’s license. That was back when I was earning my degree in aeronautical and astronautical engineering at Purdue University. It’s been a long time since I’ve flown my own plane, yet I’d love to start up again if I can ever find the time.

Our airspace is certainly getting busier. There are drones, electric vertical takeoff, and landing (eVTOL) craft planned as air taxis, “flying cars” (literally – although I don’t think they’ll be successful, eVTOLs are the way), and other innovative aircraft under development.

We’ve been analyzing these developments for some time now. They fall under a broad category that I like to think of as The Future of Transportation. Last year, we wrote about Volocopter, an air taxi startup that announced its plans to go public.

 

Volocopter Aircraft

Drones, eVTOLs, and more… Can the FAA keep up?

Source: Volocopter

 

And Volocopter is in good company. Joby Aviation is working on another aircraft intended for the air taxi space. Earlier this year, the company partnered with All Nippon Airways (ANA), the largest airline in Japan, to launch its ride-hailing service by 2025.

 

Joby Aviation Aircraft

Source: Joby Aviation

 

And Google’s drone delivery division, Wing, is now the latest company to start making deliveries in the U.S.

 

Wing’s Drone

Source: Wing

 

All these examples are merely the tip of the iceberg… Ultimately, the future of transportation will be one of the biggest stories of this decade. We’re going to see an explosion of products and services coming out. Yet one of the biggest challenges we’ll face with this increase in air traffic will be regulatory. We’re going to have to figure out how to manage traffic in a world where air taxis and other flying vehicles are everywhere.

 

 

And we’ve seen some progress

At the start of 2020, the FAA began requiring all airplanes and helicopters to broadcast their positions using Automatic Dependent Surveillance-Broadcast (ADS-B) equipment. We can think of it as a beacon that projects the aircraft’s location.

The FAA said it anticipated this change would enable aircraft to fly more direct routes, saving time and fuel. And controllers would be able to reduce the minimum separation distance between aircraft, increasing capacity in the nation’s airways.

This change also makes it easier for a drone operator to steer clear of any nearby aircraft. We’ll need to install these ADS-B receivers onto drones so they can autonomously identify nearby aircraft.

Enabling automatic detection is what I like to think of as building the infrastructure. Artificial intelligence (AI) for an autonomous flight will enable these new aircraft to fly safely from point to point without incident.

And there are good signs of progress on the regulatory front:

  • The FAA has already been supportive of enabling autonomous drone deliveries. It will likely also accommodate regulations that will enable autonomous air taxis.

  • While early flights are already beginning, it will still be a few years before we see well-established air taxi networks with high volumes of passengers. In other words, there is time.

    All of the companies are working through the process, using the existing system for now, and planning for the future of air travel.

  • Once the general framework is in place from the FAA for use of airspace, autonomous flying technology – coupled with autonomous detection technology – will ensure safe flights and avoid crashes even with busy skies.

    And this will be accomplished without being a burden on existing air traffic control (ATC). Naturally, drone delivery routes won’t be permitted to fly through any airport or landing zones for things like eVTOLs.

This is a huge undertaking, building the future of transportation. While there is a tremendous amount of work being done, this particular theme will be exciting over the next couple of years.

 

New Opportunities Are Emerging For Citizens of The World.

Freedom and democracy may appear to be struggling to stay alive in America, but there may be a knock-out punch ready to be released. The evolution of the blockchain-enabled metaverse is going to enable the 'Citizens of the World' to gain their own Freedom by democratizing power and creating a new world with new rules, new players, and new opportunities. For 99.99% of us, the metaverse will improve our real-world lives through the democratization of power and opportunity.

Along with the major long-term trend of society towards decentralization and smaller-scale organizations, there are new opportunities developing to help 'Preparers' in the cryptocurrency sector. Businesses are beginning to issue their own Crypto Coins that can be traded on Cryptocoin Exchanges.

Markethive.com for example will be releasing its HiveCoin (HIV) in the coming weeks. It has tremendous upside potential that is outlined in a Video by Founder Tom Prendergast, "Entrepreneur Advantage…".

Not only that, if you go to their website and register as a FREE Member, you will be given 500 HiveCoins for "FREE" along with access to several Earning Opportunities and online tools to increase your HiveCoin balance.

Be sure to check it out today – Markethive.com

Markethive

Tim Moseley

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Bitcoin Recoils

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Bitcoin Recoils After Fed’s Hawkish Comments — Ether, Cardano, AVAX, Solana Brace For Weekend Dip

By Newton Gitonga – April 22, 2022

Bitcoin continued to struggle to stay afloat Friday, April 22 after suffering yet another beatdown on Thursday following hawkish comments by the Fed.

As of writing, the pioneer cryptocurrency is trading at $39,943 despite tapping $42,967 on Thursday, accounting for a 5.97% decline in the past 24 hours according to CoinMarketCap. Ethereum also took a hit, albeit losing 5.32%, and is currently trading at $2,976. Other cryptocurrencies also continued to reel under a wider market drawdown with Solana (SOL) Cardano (ADA) and Avalanche (AVAX) bearing the largest brunt among the top ten altcoins, down 8.12%, 4.87%, and 6.09% in the past 24 hours respectively.

In the past 24 hours, 70,968 traders were liquidated, the total liquidations come in at $280.12 million, according to Coinglass data.


(Click image for larger view)

The drop was also mirrored in major tech stocks, with the Nasdaq 100 (NDX) slumping 4% in the last 24 hours.

The havoc has been attributed to hawkish comments by Fed Chair Jerome Powell on Thursday stating that the plan to raise the benchmark U.S. interest rates by 50 basis points (0.5%) “will be on the table” during the next Federal Open Market Committee(FOMC) sitting.

“I would say 50 basis points will be on the table for the May meeting,” Powell said during a panel meeting presented by the International monetary fund (IMF), raising expectations for the move in May. The comments come on the heels of the Fed rolling out an aggressive policy to tame inflation which has climbed to a rate of 8.5%, the fastest in four decades. His assertions have however mostly led to BTC dumping, as investors shield from the effects of an increasingly erratic FED.

“From the investor point of view and especially from an equity point of view, the words are great but there has to be some meaning and there actually has to be some action,” Andrew Maynard, Managing Director and Head of Equities at China Rennaisanse told CNBC on Friday.

That said, traders continue to view Powell’s comments as posing risk to cryptos in the short term and now closely watching macroeconomic indicators. The crypto market seems to still be strongly correlated with the equity market with the 90-day tie-in between the top cryptocurrency and the S&P500 hitting the highest level in BTC’s history. Sadly, the S&P500 does not look so good.

From a technical perspective, traders are closely watching the $40,000 support as we move into the weekend, with $37,800 being the strongest support level in sight. On the upside, Thursday’s swing high of $42,967 continues to pose a stake especially if the weekly candle closes in the red. To kickstart a strong upward move in the short term, BTC must settle above $40,250 and the 100 moving average. If bulls are successful, the price could push to the $44,000 resistance level.

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DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Newton Gitonga and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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Tim Moseley

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91-year-old Holocaust survivor dies in Mariupol

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As a child, Wanda survived the Nazi roundup by hiding in a cellar. Of all places, it was in a cellar that the Ukrainian woman died 81 years later.

A 91-year-old Holocaust survivor has died in the heavily contested south-eastern Ukrainian port city of Mariupol, according to the Jewish community.

"At the age of ten, Wanda Semyonova Obyedkova survived the Germans by hiding in a basement in Mariupol. 81 years later, she died in a basement in the same city while hiding from the Russians as a result of the terrible war," the Auschwitz Museum announced on its Twitter channel. News of the woman's death went viral on social media on Wednesday.

According to the report, Obyedkova had already died on 4 April. Her daughter Larissa reported that she and her husband had subsequently had to bury the 91-year-old in a city park while the city was being bombed. The couple was then able to flee Mariupol. Much of the news from the city is delayed because there is no internet and rescued people cannot communicate with the outside world until they are in a safe place.

Obyedkova was born in Mariupol on 8 December 1930 and was ten when the SS rounded up the local Jewish population to murder them on the outskirts of the city after the Wehrmacht invaded Mariupol. It is estimated that between 9,000 and 16,000 Jews were killed, including Objedkova's mother.

Little Wanda survived the Nazi roundup by hiding in a cellar. When she was discovered later, friends of the family were able to convince the SS that the girl was of Greek descent. The child was thus saved from execution

 

Tim Moseley

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Gold silver pressured by rising bond yields technical selling

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Gold, silver pressured by rising bond yields, technical selling

Gold and silver prices are lower in midday U.S. trading Thursday, pressured in part by rising U.S. Treasury yields and on selling from the shorter-term futures traders. The near-term chart postures for the two metals have deteriorated this week, to embolden the chart-based bears. June gold futures were last down $13.10 at $1,942.50 and May Comex silver was last down $0.721 at $24.535 an ounce.

The U.S. stock indexes are mixed at midday. The U.S. stock index bulls are having the better week, so far, as near-term price downtrends in the indexes have stalled out. However, risk appetite among traders and investors is by no means robust due to major geopolitical concerns.

The World Bank and IMF meetings continue in Washington, D.C. today. Major central bank chiefs, including Fed Chair Powell, are scheduled to speak on and IMF panel today. The central bankers are expected to sound hawkish tones on their monetary policies.

The Fed's 'Ponzi Scheme' is crushing the middle class, this may be the only way out – Natalie Brunell

Nymex crude oil futures prices are higher today and trading around $104.00 a barrel. The U.S. dollar index is firmer today. The yield on the 10-year U.S. Treasury note is presently fetching 2.95%.

Technically, June gold futures bulls still have the overall near-term technical advantage but have faded this week and need to show fresh power soon. Bulls' next upside price objective is to produce a close above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at today’s high of $1,960.10 and then at $1,972.50. First support is seen at today’s low of $1,938.00 and then at $1,928.00. Wyckoff's Market Rating: 6.5.

May silver futures bulls have the overall near-term technical advantage but have faded this week and need to show fresh power soon. Silver bulls' next upside price objective is closing prices above solid technical resistance at $26.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $24.00. First resistance is seen at $25.00 and then at today’s high of $25.31. Next support is seen at $24.20 and then at $24.00. Wyckoff's Market Rating: 6.0.

May N.Y. copper closed up 470 points at 469.95 cents today. Prices closed nearer the session high today. The copper bulls have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the April high of 486.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 450.00 cents. First resistance is seen at today’s high of 471.80 cents and then at 475.00 cents. First support is seen at this week’s low of 461.95 cents and then at 460.00 cents. Wyckoff's Market Rating: 6.0.

By Jim Wyckoff

For Kitco News

Time to buy Gold and Silver on the dips

 

 

Tim Moseley

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Ukrainian Mariupol fallen

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Ukrainian Mariupol fallen

The Ukrainian town Mariupol at Azov sea had fallen, The city of Mariupol is under the control of the armed forces of Russia, the Donetsk People's Republic and the Luhansk People's Republic, announced Russian Defense Minister Sergei Shoigu. The attack on the azovstal steel works, located in the city and hiding in them the remaining Ukrainian defenders of the city, Russian President Vladimir Putin canceled, wrote the agency Tass.

"Today the whole of Mariupol is under the control of the Russian army, the people's militia of the Donetsk People's Republic. The territory of the azovstal plant with the remnants of nationalists and foreign mercenaries located there is safely blocked, " minister Shoigu said.

More than two thousand militants were blocked in the azovstal steelworks. According to Shoigu, at the time of the encirclement of Mariupol, the number of foreign troops fighting on the side of Ukraine was about 8100 people.

"As for those who did not flee from the azovstal plant, they are blocked there thoroughly and around the perimeter. We need about three to four days to complete this work, " Shoigu said.

According to the minister of defense, despite the resistance of militants in Mariupol, more than 142 thousand residents of the city were evacuated, and all hostages in the port were released.

These hot news are from Czech websites.

                        Thank you for reading     

                                                               Margaret

Tim Moseley

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Gold silver bulls fading and need a fresh spark

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Gold, silver bulls fading and need a fresh spark

Gold and silver prices are modestly weaker in midday U.S. trading Wednesday, on some more downside corrective action after recent gains. Bulls are fading and need a fresh fundamental element to boost them and to keep alive the near-term price uptrends in the two precious metals markets. June gold futures were last down $4.20 at $1,955.00 and May Comex silver was last down $0.146 at $25.245 an ounce.

Global stocks markets were mixed overnight. The U.S. stock indexes are mixed at midday. The U.S. stock indexes have stabilized but are still in near-term price downtrends. Equities traders are presently focused on corporate earnings reports. Risk appetite is still not robust in the marketplace amid the Russia-Ukraine war and the Covid outbreak in China.

WW3 will not be a ground war, this is what it would look like instead – Brian Rose

Nymex crude oil futures prices are weaker today and trading around $101.00 a barrel. The U.S. dollar index is lower today after hitting a two-year high Tuesday. The closely watched yield on the 10-year Treasury note is presently fetching 2.88%.

Technically June gold futures bulls still have the overall near-term technical advantage but have faded this week and need to show fresh power soon. Bulls' next upside price objective is to produce a close above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,915.00. First resistance is seen at $1,972.50 and then at Tuesday’s high of $1,985.10. First support is seen at today’s low of $1,941.00 and then at $1,928.00. Wyckoff's Market Rating: 6.5.

May silver futures bulls have the overall near-term technical advantage but have faded this week and need to show fresh power soon. Silver bulls' next upside price objective is closing prices above solid technical resistance at this week’s high of $26.495 an ounce. The next downside price objective for the bears is closing prices below solid support at $24.00. First resistance is seen at $25.50 and then at $25.75. Next support is seen at $25.00 and then at $24.50. Wyckoff's Market Rating: 6.5.

May N.Y. copper closed down 685 points at 464.95 cents today. Prices closed nearer the session low and hit a four-week low today. The copper bulls have the overall near-term technical advantage but are fading. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the April high of 486.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 450.00 cents. First resistance is seen at today’s high of 470.90 cents and then at 475.00 cents. First support is seen at today’s low of 461.95 cents and then at 460.00 cents. Wyckoff's Market Rating: 6.0.

By Jim Wyckoff

For Kitco News

Time to buy Gold and Silver on the dips

Tim Moseley

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US Treasury Sanctions Russian Bitcoin Miners

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U.S Treasury Sanctions Russian Bitcoin Miners

by Shawn Amick 

 

The Treasury department announced sanctions against companies and individuals who enable fiat payments or infrastructure for bitcoin mining in Russia.

  • The U.S Treasury is applying sanctions against bitcoin mining in Russia.
  • The sanctions seek to impede the capacity for individuals to receive fiat payments, as well as computer hardware by applying pressure on the supply chain and payment processors.
  • According to the University of Cambridge, Russia is the third-largest country in the world for bitcoin mining."

The United States Treasury Department released a press release today announcing new sanctions aimed at bitcoin mining in Russia for their ongoing war in Ukraine, as they are the third-largest bitcoin miner in the world according to the University of Cambridge.

The Treasury department stated that reliance on fiat payments and the importation of computer equipment makes Russia vulnerable to sanctions if the U.S focuses on hindering the companies providing those services.

Since government entities cannot stop the actual process of mining bitcoin, the U.S Treasury decided to utilize other attack vectors that weaken the supply chain.

“Treasury can and will target those who evade, attempt to evade, or aid the evasion of U.S. sanctions against Russia, as they are helping support Putin’s brutal war of choice,” said Brian Nelson, Under Secretary for Terrorism and Financial Intelligence. “The United States will work to ensure that the sanctions we have imposed, in close coordination with our international partners, degrade the Kremlin’s ability to project power and fund its invasion.”

One particular bitcoin mining company, Bitriver, was addressed in the press release thoroughly. Founded in 2017, Bitriver has three offices scattered across Russia. Legal ownership was changed to a Switzerland-based holding company in 2021. This company has been designated as operating in the “Russian Federation economy,” thereby making it and its ten Russian-based subsidiaries sanctionable.

In January, Vladimir Putin stated that Russia has distinct advantages when it comes to bitcoin mining as it relates to the energy surplus and climate conditions provided to them. The U.S Treasury agrees with the Russian president, stating “Russia has a comparative advantage in crypto mining due to energy resources and a cold climate.”

Tim Moseley

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Czechia and Slovakia in wild times

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Czechia and Slovakia in wild times

Since 1993 devided into this two states = Czech republic and Slovak republic, former Czechoslovakia. Our territory is in center of Europe but as we are relatively small two states you will not read a lot about us in the last months though we are in a way in the heart of events.
Slovakia has about 90kms border with Ukraine, Czechia not but in spite of it we are the target of many Ukrainians escaping from the terrible war conflict. Already before the battles in Ukrainian territory started in Czech Republic lived about 250 000 Ukrainians. Finding here language belonging to the Slav languages and relatively good opportunities in comparison with their home country a lot of them are staying for a long time. What is a bit surprising for me is that many left their children with their grandpas and grandmas in their home country. That shows how economically difficult must be the situation in Ukraine for long time already.


Since the end of February came over 300 000 Ukrainians to Czechia. That is really a lot to manage when you consider that Czech republic has about 10,7 million inhabitants. Slovakia is smaller with about 5,4 million inhabitants. 
Having in Czechia already family members or friends it is logical a lot of people coming from Ukraine want to stay in our country. But for Czechia it is really a very big number of people.

Ukrainians waiting on border

In 2018, the world-famous Czech demographer Tomáš Sobotka of the Vienna Demographic Institute participated in an international study that confirmed the "exodus" of residents from east to west of Europe. The study already four years before the war in Ukraine predicted a steady decline in the population of Ukraine and other eastern European states and the movement of their population in a westerly direction. The war is likely to intensify the exodus of eastern Europeans. So will there not eventually be a kind of " people-free zone " separating Russia from the European Union on the territory that the Ukrainians are defending? And is there any way to prevent the depopulation of Ukraine? According to Tomáš Sobotka, hardly. "I estimate that in the Czech Republic will remain 60 to 70 percent of Ukrainian refugees," he says.
Up to half a million refugees are likely to arrive directly in the Czech Republic. This is calculated by one of the scenarios of the Ministry of internal affairs at beginning of April.
That is really an extreme number especially when our national economy is weakened by the covid crisis. Minister of interior of Czech republic said that government has prepared several scenarios and the most probable is considered that about 500-600 thousands of Ukrainians will come.
Most of refugees want to stay in capital Praha and that is causing a lot of problems. Praha with 1.32  million inhabitants has just now already 70 000 Ukrainians which is 5,25%.

        Thank you for reading

                                             Margaret
 

Tim Moseley

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Gold silver succumb to big drop in crude oil rise in bond yields

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Gold, silver succumb to big drop in crude oil, rise in bond yields

Gold and silver prices are a sharply lower in midday U.S. trading Tuesday, on a big downside price corrections after both metals hit five-week highs on Monday. Solid losses in the crude oil market and rising U.S. Treasury yields on this day also worked against the precious metals market bulls. June gold futures were last down $26.90 at $1,959.60 and May Comex silver was last down $0.775 at $25.37 an ounce.

Global stocks markets were mixed to weaker overnight. The U.S. stock indexes are higher at midday. Still, the U.S. stock indexes have become wobbly and are now in near-term price downtrends. Risk aversion in the global marketplace remains extra elevated amid the Russia-Ukraine war that shows no signs of ending. Inflation concerns have also hurt stocks and bonds.

IMF's warning: Russia's war in Ukraine severely hurts global growth, adds to decade-high inflation

Nymex crude oil futures prices are sharply lower today and trading around $103.00 a barrel. The U.S. dollar index is firmer today and hit a two-year high. The closely watched yield on the 10-year Treasury note is presently fetching 2.898%, near a three-year high.

Technically June gold futures bulls still have the firm overall near-term technical advantage. Bulls' next upside price objective is to produce a close above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,915.00. First resistance is seen at $1,972.50 and then at today’s high of $1,985.10. First support is seen at $1,950.00 and then at $1,940.00. Wyckoff's Market Rating: 7.0Live 24 hours silver chart [ Kitco Inc. ]May silver futures bulls have the firm overall near-term technical advantage and have momentum. Silver bulls' next upside price objective is closing prices above solid technical resistance at the March high of $27.495 an ounce. The next downside price objective for the bears is closing prices below solid support at $24.045. First resistance is seen at $26.00 and then at today’s high of $26.195. Next support is seen at today’s low of $25.21 and then at $25.00. Wyckoff's Market Rating: 7.0.

May N.Y. copper closed down 990 points at 470.20 cents today. Prices closed nearer the session low today. The copper bulls have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the April high of 486.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 450.00 cents. First resistance is seen at 475.00 cents and then at 480.00 cents. First support is seen at today’s low of 468.05 cents and then at the April low of 462.40 cents. Wyckoff's Market Rating: 6.5.

By Jim Wyckoff

For Kitco News

Time to buy Gold and Silver on the dips

Tim Moseley

The Artist that came out of the Winter