Gold prices have run up to a new high and new record for the day at $4291.99. For the year, the price is now up 62.82%. The current price is trading at 4276.68. Looking at the hourly chart a topside channel trendline cuts across near $4340 and moving higher on the downside the same channel trendline comes in at around $4231 and also moving higher. Those would be support and resistance in the short term now for gold.
The move higher in gold is being helped by lower yields in the US.
The 10 year yield is now back below the 4.0% level at 3.99% or -5.5 basis points. It traded to a low of 3.986% today which is its lowest level since April 4.
The 2-year yield is at 3.430% -7.6 basis points. That takes the yield to the lowest level since September 2022.
US stocks are moving lower with the Dow industrial average now down -0.43%. The S&P is down -0.46% and the NASDAQ is down -0.37%. The Russell 2000 of small-cap stocks is the hardest hit with a decline of -1.47%.
This article was written by Greg Michalowski at investinglive.com.
ECB’s Lagarde is speaking and is keeping consistent with more recent comments
This article was written by Greg Michalowski at investinglive.com.
BOJ Shimizu is on the wire saying:
Inflation expectations in Japan are still below 2%, so the BOJ must lift expectations and continue to support economic activity.
It is not known exactly how Japan’s economy will react to the new environment of higher interest rates, which is why the BOJ must proceed carefully with policy normalization.
If the BOJ is sufficiently confident about the future path of the economy, it can proceed with policy normalization.
Shimizu struck a cautious tone, emphasizing that inflation expectations remain subdued and that normalization depends on Japan’s economic resilience. Confidence in the recovery will be key before the BOJ commits to further tightening.
This article was written by Greg Michalowski at investinglive.com.
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