August gold futures were last down $84.80 at $1,775.40 and July Comex silver was last down $1.882 at $25.925 an ounce.
At Fed Chairman Jerome Powell’s press conference, he did not assuage inflation worries, ostensibly saying the Fed really does not know how much or for how long inflationary pressures will be on the rise.
They are now focusing on the Fed not being so easy, after many years of easy money from the major central banks who worked to produce more consumer demand —the same economic element that comes with inflationary price pressures.
economic data released Thursday morning did not impact the markets and was overshadowed by the FOMC meeting amid traders and investors still buzzing about it.
Bulls’ next upside price objective is to produce a close above solid resistance at today’s high of $1,826.40.
Silver bulls’ next upside price objective is closing prices above solid technical resistance at today’s high of $27.32 an ounce.
Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 459.50 cents.