Gold prices have run up to a new high and new record for the day at $4291.99. For the year, the price is now up 62.82%. The current price is trading at 4276.68. Looking at the hourly chart a topside channel trendline cuts across near $4340 and moving higher on the downside the same channel trendline comes in at around $4231 and also moving higher. Those would be support and resistance in the short term now for gold.
The move higher in gold is being helped by lower yields in the US.
The 10 year yield is now back below the 4.0% level at 3.99% or -5.5 basis points. It traded to a low of 3.986% today which is its lowest level since April 4.
The 2-year yield is at 3.430% -7.6 basis points. That takes the yield to the lowest level since September 2022.
US stocks are moving lower with the Dow industrial average now down -0.43%. The S&P is down -0.46% and the NASDAQ is down -0.37%. The Russell 2000 of small-cap stocks is the hardest hit with a decline of -1.47%.
In the forex, the USDJPY has moved to new lows and below the 38.2% of the run up from the October low. That comes in at 150.713 and also below a swing level at 150.46. The next target is at 149.92 at the 50% midpoint of the October range and also near the September high.
Trump and Putin talked this morning ahead of the meeting with Ukraine's Zelenskyy where those two leaders will talk about Tomahawk missiles. Those missiles can reach Moscow. Trump is gaining more leverage on Putin.
