Gold futures at USA in Comex market on Wednesday. Trading higher amid by the increase of buying rate. Globally physical gold remains stable, after the lasts week break down in gold price. Outside the market is also coming the strong rise for gold and silver, on Wednesday. Comex at the last june traded up $13.18 at$1,422.40 USD/Ounce. While at the Spot market gold last cited up $9.40 at$1,423.50. Comex silver at May last trade up $0.178 at $22.995 USD/ ounce.
On Wednesday in the news, German 30-year bund yields dropped low at a government auction. The bund came to an average of 2.16%. In April the IFO business confidence index in Germany dropped to 104.4 from 106.7 in March, which led the EU’s biggest economy in trouble. Euro currency still stronger, but the Italian and Spanish bond yields remained close two-year downs on Wednesday, at the same time European stock markets were higher.
Nikkei stock index
Nikkei stock index was put to a four and more year high on Wednesday because the Japanese yen continuing to drop which made a chance for burgin hunters to buy more in Nikkei stock. Overnight the U.S. dollar index strikes a three week high overcoming its weakness on Wednesday morning. Although Nymex crude oil futures prices are stronger for the short range on Wednesday also. As for London overcoming its P.M. gold fix $1,408.00 at A.M. gold hits $1,424.50.
Gold price old downtrend
On the daily bar chart, gold prices are in a 6.5-month-old downtrend. The gold bears next downside closing prices under solid technical support at $1,400.00. While the gold bull’s upside closing without solid technical support’s combat at $1,450.00. The first combat was overnight high with $1,429.50 and at this week’s high with $1,438.80. As for the first support was seen overnight low with $1,411.50 and at this week’s low with $1,403.50.
Also silver on the daily chart, silver prices are in a 6.5-month-old downtrend. The bear’s downside closing prices at last week’s low under solid technical support at $22.00. While the bull’s upside prices above solid technical combat at $24.00 an ounce. The first combat was overnight high with $23.325 and the week’s high with $23.65. As for the support it was overnight low with $22.81 and at this week’s low with $22.555.