Gold, silver see modest price gains; inflation genie lurking

June gold futures were last up $1.70 at $1,781.60 and May Comex silver was last up $0.081 at $26.29 an ounce.

economic event of the week will be the Federal Reserve’s Open Market Committee meeting that begins Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chair Powell.

Copper futures are at a 10-year high, Chinese steel futures are at record highs, coffee futures prices hit a nearly four-year high this week, and lumber futures are at record highs.

economic data due for release Tuesday includes the weekly Johnson Redbook and Goldman Sachs retail sales reports, the U.S.

First support is seen at this week’s low of $1,768.20 and then at last week’s low of $1,763.50.

Silver bulls’ next upside price objective is closing prices above solid technical resistance at $27.00 an ounce.

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