On Tuesday gold for delivery in August traded within the range of $1,237.00-$1,249.05. Futures closed at $1,246.45, inching down 0.07% compared to Monday’s close. It has been the 43rd drop in the past 90 trading days. The commodity has added 3.33% to its value so far during the current month, following a 5.77% slump in May.
On the Comex division of the New York Mercantile Exchange, gold futures for delivery in August were gaining 0.67% on Wednesday to trade at $1,254.85 per troy ounce. The precious metal went up as high as $1,256.05 during early European trade, while the current daily low was at $1,245.50 per troy ounce, recorded during the early phase of the Asian trading session.
The US Dollar Index, a gauge reflecting the relative strength of the greenback against a basket of 6 other major currencies, was edging down 0.11% on the day at a level of 93.74, after reaching 93.67 earlier. The latter has been the lowest level since May 11th. The index has fallen 2.22% so far in June, after advancing 3.04% in May. Weaker dollar usually favors demand for gold and other dollar-denominated commodities, as they tend to become cheaper to holders of other currencies.
During her speech at the World Affairs Council of Philadelphia earlier this week, Fed Chair Janet Yellen noted that the target for the federal funds rate will probably need to increase gradually over time, so that price stability and maximum sustainable employment in the longer run are ensured, but, however, she provided little or no indication over the timing for such a move. This lowered dramatically the probability of a hike at the upcoming FOMC meeting on June 14th-15th and also at the Committees meeting in July.
Meanwhile, silver futures for delivery in July were gaining 1.68% on the day to trade at $16.665 per troy ounce, after going up as high as $16.710 a troy ounce during the early phase of the European trading session.
Daily and Weekly Pivot Levels
By employing the traditional calculation method, the daily pivot levels for gold are presented as follows:
Central Pivot Point – $1,244.17
R1 – $1,251.33
R2 – $1,256.22
R3 – $1,263.38
S1 – $1,239.28
S2 – $1,232.12
S3 – $1,227.23
By using the traditional method of calculation again, the weekly pivot levels for gold are presented as follows:
Central Pivot Point – $1,227.87
R1 – $1,256.73
R2 – $1,273.37
R3 – $1,302.23
S1 – $1,211.23
S2 – $1,182.37
S3 – $1,165.73
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