– Gold and silver prices are lower in midday trading Wednesday, but up from session lows, on some routine profit taking and downside corrections after recent gains.
Many traders and investors are thinking the Federal Reserve will decide to extend its easy-money policies for a longer period of time than they had reckoned just a few weeks ago, due to the rapidly spreading Covid delta variant.
This week’s strong rebound in crude prices suggests the market has put in a near-term bottom.
Bulls’ next upside price objective is to produce a close above solid resistance at the August high of $1,833.40.
The next downside price objective for the bears is closing prices below solid support at the August low of $22.295.
The next downside price objective for the bears is closing prices below solid technical support at the August low of 396.15 cents.