Gold a bit weaker as USDX rebounds

June gold futures were last down $2.00 at $1,778.00 and July Comex silver was last up $0.183 at $26.43 an ounce.

economic event of the week will be the Federal Reserve’s Open Market Committee meeting that began Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chair Powell.

Copper futures are at a 10-year high, Chinese steel futures are at record highs, coffee futures prices hit a nearly four-year high this week, and lumber futures are at record highs.

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

Next support is seen at this week’s low of $25.935 and then at last week’s low of $25.715.

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

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