Also, some routine profit taking was featured by the shorter-term futures traders after both metals hit multi-week highs earlier this week.
The gold and silver markets prices blipped down a bit right after the report’s release, and then rallied, only to sell off when the USDX and bond yields pushed higher.
Ironically, the metals markets one again have seen a bearish reaction to hotter inflation data, as traders focused on the tighter monetary policy implications of higher consumer prices and higher interest rates.
These low inflation numbers point to lame price rises over the next two years, which contradict some of the recent indications that price inflation is heating up much more rapidly.
Colonial pipeline system that has been shut down due to a cyberattack is set to reopen temporarily.
Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,775.00.
July silver futures saw profit taking was featured after prices closed at a 2.5-month high close Tuesday.
First resistance is seen at today’s high of 482.45 cents and then at the contract high of 488.80 cents.