Silver (XAG/USD) oscillated in a narrow range around the $36.75 area during the Asian session on Thursday (June 19) and for now, seems to have stalled the previous day's modest decline from its highest level since February 2012. Meanwhile, the technical setup favors bullish traders and suggests that the path of least resistance for the white metal is to the upside. A sustained strength beyond the $36.45-$36.50 mark confirms a breakout through a short-term descending trend channel, which constitutes the formation of a bullish flag pattern. Moreover, the Relative Strength Index (RSI) on the...
Gold prices rose on Thursday as the Iran-Israel conflict dragged on for a seventh day, boosting demand for the safe-haven asset, although the US Federal Reserve's cautious stance on future interest rate cuts kept gains in check. Spot gold was up 0.2% at $3,374.54 an ounce, by 0505 GMT. US gold futures were down 0.5% at $3,391.90. "Gold has been gaining a bit as we wait for the next move in the Israel-Iran conflict. If the US decides to get directly involved in the conflict, that could raise the geopolitical stakes," said Tim Waterer, chief market analyst at KCM Trade. Geopolitical...
The dollar rose on Thursday, boosted by safe-haven demand amid the threat of a wider conflict in the Middle East and possible U.S. involvement, while investors weighed Federal Reserve Chairman Jerome Powell's warning tone on inflation. After a quiet start in Asian hours, the dollar strengthened across the board, weighing on risk-sensitive currencies after a report said U.S. officials were preparing for a possible attack on Iran in the coming days. The Australian dollar fell as much as 0.5% but was last down 0.3% at $0.6489, while the New Zealand dollar fell 0.5% to $0.5998. Emerging-market...