Gold prices closed at new records in June, offering technical confirmation the primary trend remains bullish, albeit amid fading momentum. The primary trend has been bullish since the week of Nov. 27, 2023. A key threshold for the bulls to “beat” is $3,450, observes Tom Essaye, president of the Sevens Report.
Key resistance levels are at $3,444...$3,473...and $3,510. Key support levels are at $3,328...$3,284...and $3,181.
Meanwhile, Treasury futures across the duration curve saw a material uptick in volatility in mid-morning trade Wednesday, which saw the 10-Year yield spike from 4.22% to 4.28% and the 30-Year yield spike from 4.79% to 4.87% in a matter of minutes – before the moves were reversed as rapidly as they initially played out.
In the wake of the mid-morning Treasury market volatility, gold climbed to new session highs thanks to uncertainty surrounding the unusual volatility in fixed income during what was otherwise a relatively quiet morning. Gold futures settled the day almost perfectly flat (-0.02%) just below near-term resistance at $3,450. The $3,325 level remains an important near-term support level to watch.
