At the same time, the inflation threat continues to grow, which means real rates will remain in low to negative territory.
The precious metals are boosted at mid-week by positive daily outside markets that include solidly higher crude oil prices that are near last fall’s seven-year high, a lower U.S.
and around the globe is still running generally hit in the major economies, which is an underlying bullish element for the metals markets.
Federal Reserve Chair Jerome Powell on Tuesday reassured the marketplace that the Fed can reduce the pace of price increases without damaging the economy.
Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the January low of $1,781.30.
The next downside price objective for the bears is closing prices below solid support at the December low of $21.41.
The copper bulls have the firm overall near-term technical advantage and gained big power today by producing a bullish upside “breakout” from the recent choppy trading range.