The gold and silver markets are languishing this week as the bulls work to keep alive price uptrends on the daily bar charts.
jobless claims report showed 553,000 new claims, compared to expectations of 528,000 in new claims. Markets showed little reaction to these reports that came in close to market expectations.
central bank keep its monetary policy very accommodative, and also after President Biden’s Wednesday evening address to Congress, in which he laid out plans for a massive $1.8 trillion economic stimulus program.
The “reflation trade” has yet to significantly boost gold and silver prices, however, as traders are apparently assigning more market weight to those metals’ safe-haven status amid little risk aversion in the marketplace, as opposed to viewing the metals as a hard-asset hedge against inflation.
However, they need to show fresh power soon to keep alive a price uptrend in place on the daily bar chart.
Silver bulls’ next upside price objective is closing July futures prices above solid technical resistance at $27.00 an ounce.