Traders and investors are also awaiting next week's Federal Reserve FOMC policy meeting, with Fed officials now in their customary pre-meeting blackout period. The Fed is widely expected to leave the key Federal funds rate unchanged. However, markets continue to price in the possibility of Fed rate hike later this year, with traders presently assigning roughly a 61% probability of a rate hike at the September FOMC meeting.
The U.S. widened the scope of its airstrikes on Iran today, as President Trump and officials in Tehran signaled a renewal of peace talks is unlikely in the near-term. Brent crude oil futures jumped above $95 a barrel for the first time in almost six weeks, while Nymex crude oil futures are trading around $88 a barrel, also a six-week high.
The other key outside markets today see the U.S. dollar index slightly down. The yield on the benchmark 10-year U.S. Treasury yield is presently 4.65%.
Technically, August gold futures see a price downtrend on the daily bar chart that has stalled out and is now close to being negated. Bulls’ next upside price objective is to produce a close above solid resistance at $4,400.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the June low of $3,955.40. First resistance is seen at $4,200.00 and then at $4,250.00. First support is seen at the overnight low of $4,081.00 and then at $4,000.00. Wyckoff's Market Rating: 3.5
September silver futures also see a price downtrend on the daily bar chart that has stalled out and is also close to being negated. The next upside price objective for the bulls is closing prices above solid technical resistance at $65.00. The next downside price objective for the bears is closing prices below solid support at $50.00. First resistance is seen at $63.73 and then at $65.00. Next support is seen at $59.00 and then at $57.00. Wyckoff's Market Rating: 3.0
