June gold futures were last up $9.80 at $1,791.90 and May Comex silver was last up $0.12 at $26.30 an ounce.
stock indexes are pointed toward slightly higher openings when the New York day session begins, on a rebound from selling pressure Thursday afternoon, on news President Biden will propose nearly doubling the capital gains tax rate on the rich to fund programs aimed at more economic equality for all Americans.
In other news, Bitcoin has taken it on the chin this week, hitting a six-week low on Friday and trading below $50,000, after trading near $65,000 just a couple weeks ago.
Surging grain prices are just one more in a string of clues that global inflation is on the rise and may become untamable down the road.
Bears’ next near-term downside price objective is pushing futures prices below solid technical support at last week’s low of $1,723.20.
The next downside price objective for the bears is closing prices below solid support at last week’s low of $24.68.