– Gold prices are slightly lower in midday trading but well up from the daily lows as bargain hunters stepped in to buy the dip.
Some so far just routine profit-taking pressure is seen in the indexes that have been trending higher.
While the major economies of the West have not yet been reporting inflation numbers that are concerning, China has just reported its producer prices climbed at the fastest pace in 3.5 years in April, reflecting a big rise in input costs.
Colonial pipeline system that has been shut down due to a cyberattack is set to reopen temporarily.
Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,775.00.
Silver bulls’ next upside price objective is closing prices above solid technical resistance at $28.475 an ounce.
First resistance is seen at today’s high of 480.05 cents and then at the contract high of 488.80 cents.