Gold holds moderate gains after as-expected FOMC statement

(Kitco News) - Gold and silver prices are moderately up in afternoon U.S. trading Wednesday. Comex futures today closed at a record-high close. Bulls remain very strong and are looking to add to their recent upside price action. August gold futures were last up $7.30 an ounce at $1,951.80. September Comex silver prices were last up $0.045 at $24.34 an ounce.

The just-released Federal Reserve Open Market Committee (FOMC) statement shows no changed in U.S. interest rates or monetary policy, as expected. The Fed said monetary policy will depend on how the pandemic plays out in the coming months. Traders now await the press conference from Fed Chairman Jerome Powell. He will likely reiterate U.S. interest rates will remain low for a long time amid the challenges of dealing with the pandemic.

Global stock markets were mixed in overnight trading. The U.S. stock indexes are firmer in afternoon dealings. U.S. stock indexes have been supported recently by corporate earnings reports that have generally beat market expectations.

Meantime, Republican senators are presently splintered regarding a new stimulus package for Americans, heading into their August recess.

The important outside markets today see Nymex crude oil prices slightly firmer and trading around $41.25 a barrel. The U.S. dollar index is lower. The yield on the benchmark U.S. Treasury 10-year note is currently trading around the 0.59% level.

Technically, August gold futures bulls have the strong overall near-term technical advantage, to suggest still more upside in the near term. Prices are in an accelerating seven-week-old uptrend on the daily bar chart. Gold bulls' next upside near-term price objective is to produce a close above technical resistance at $2,000.00. Bears' next near-term downside price objective is pushing prices below solid technical support at $1,850.00. First resistance is seen at today’s high of $1,960.00 and then at the record high of $1,974.70. First support is seen at today’s low of $1,935.20 and then at $1,900.00. Wyckoff's Market Rating: 9.5

September silver futures bulls have the strong overall near-term technical advantage to suggest still more upside. Prices are in an accelerating 4.5-month-old uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at today’s high of $26.275 an ounce. The next downside price objective for the bears is closing prices below solid support at $22.00. First resistance is seen at $24.82 and then at $25.00. Next support is seen at $24.00 and then at $23.50. Wyckoff's Market Rating: 9.0.

September N.Y. copper closed steady at 291.75 cents today. Prices closed near mid-range today. The copper bulls have the solid overall near-term technical advantage. Prices are in a 4.5-month-old uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 300.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 275.00 cents. First resistance is seen at this week’s high of 294.00 cents and then at 297.00 cents. First support is seen at last week’s low of 286.65 cents and then at 284.50 cents. Wyckoff's Market Rating: 7.5.