Gold gains ground amid friendly charts, higher crude oil

trading Wednesday, supported by a mildly bullish near-term technical posture and by rallying crude oil prices that hit a two-month high today.

Treasury said it may take extraordinary measures to fund the government if the federal borrowing limit is reinstated this summer.

The featured scheduled data point in the U.S.

“It’s not something I’m predicting or recommending…; if anyone appreciates the independence of the Federal Reserve, I think that person is me.” The marketplace was surprised by Yellen’s morning remarks, including the stock market selling off, and gold and silver doing the same.

Technically, June gold futures bulls have the slight overall near-term technical advantage as a four-week-old uptrend is in place on the daily bar chart.

The next downside price objective for the bears is closing prices below solid support at last week’s low of $25.745.

Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 460.00 cents.

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