August gold futures were last down $4.90 at $1,778.00 and July Comex silver was last down $0.20 at $25.82 an ounce.
Powell’s prepared text for today’s appearance on the coronavirus pandemic, released Monday afternoon, shows him reiterating the rise in inflation is transitory.
Reports said Russia is considering proposing OPEC and its allies increase output at the next OPEC meeting on July 1, with the world oil market presently estimated to need an additional 3 million barrels a day to satisfy demand.
Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00.
Silver bulls’ next upside price objective is closing prices above solid technical resistance at $27.00 an ounce.
First support is seen at today’s low of 416.50 cents and then at this week’s low of 408.80 cents.