Silver (XAG/USD) is seen consolidating the previous day's strong gains to the highest level since February 2012 and oscillated in a narrow range during the Asian session on Wednesday (6/18). The white metal is currently trading just above the $37.00 round-figure mark and seems poised to extend its recent uptrend from April monthly swing lows. From a technical perspective, the overnight breakout through a short-term descending trend-channel, which constitutes the formation of a bullish flag pattern, and the subsequent up-move validates the constructive outlook. However, a slightly overbought...
Gold prices were flat in Asian trade on Wednesday as investors refrained from placing big bets ahead of the U.S. Federal Reserve's policy decision, while also monitoring developments surrounding the Israel-Iran conflict. Spot gold was flat at $3,388.04 an ounce, as of 0341 GMT. U.S. gold futures were largely unchanged at $3,406.50. "Gold prices fluctuated as investors tracked escalating risks in the Middle East. Lackluster U.S. reports on retail sales, housing and industrial production strengthened the case for the Fed to cut interest rates later this year," analysts at ANZ said in a...
Oil prices rose in Asian trade on Wednesday, extending a 4% gain from the previous session amid concerns that the Iran-Israel conflict could disrupt supplies. Brent crude rose 26 cents, or 0.3%, to $76.71 a barrel by 0440 GMT. U.S. West Texas Intermediate crude rose 35 cents, or 0.5%, to $75.19 a barrel. U.S. President Donald Trump on Tuesday called for Iran's "unconditional surrender" as the Iran-Israel air war entered its sixth day. The U.S. military is deploying more warplanes to the region to bolster its forces, three officials said on Tuesday. Analysts said the market is mostly...