(Kitco News) - Gold prices are moderately higher and silver prices near steady in midday U.S. trading Tuesday. The yellow metal is seeing support from higher crude oil prices and a slight dip in U.S. Treasury yields on this day. August gold was last up $13.10 at $3,323.00. September silver prices were last down $0.021 at $38.195.
The Federal Reserve’s Open Market Committee (FOMC) meeting began this morning and ends Wednesday afternoon with a statement and press conference from Fed Chairman Jerome Powell. The Fed is widely expected to leave its benchmark Fed funds rate range unchanged this week. However, after being admonished by President Trump to lower U.S. interest rates, many market watchers think Powell might indicate at this meeting the Fed could lean easier on the Fed’s monetary policy intentions this fall.
Gold could hit $4,000 an ounce by the end of 2026, according to Fidelity International. That’s due to Federal Reserve interest rate cuts and central banks adding gold to their holdings. Fidelity International's Ian Samson said the firm remains bullish on gold, citing a clearer path to a more dovish Federal Reserve and the potential for a softer U.S. dollar. Samson said gold's appeal as a hard asset will continue to be reinforced by growing fiscal deficits, and said the precious metal is not necessarily overstretched in the context of a bull run.
The key outside markets today see the U.S. dollar index higher and hitting a five-week high. Nymex crude oil futures are firmer and trading around $67.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.352%.
Technically, August gold futures bulls have the overall near-term technical advantage but are fading. Bulls’ next upside price objective is to produce a close above solid resistance at the July high of $3,451.70. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the June low of $3,250.50. First resistance is seen at this week’s high of $3,345.40 and then at last Friday’s high of $3,376.60. First support is seen at this week’s low of $3,300.00 and then at $3,275.00. Wyckoff's Market Rating: 6.0.
September silver futures bulls have the solid overall near-term technical advantage. Prices are in an uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $40.00. The next downside price objective for the bears is closing prices below solid support at $36.00. First resistance is seen at $39.00 and then at $39.57. Next support is seen at $38.00 and then at $37.73. Wyckoff's Market Rating: 7.5.
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