After Federal Reserve Chairman Jerome Powell made dovish remarks, gold and silver prices surged in early Wednesday trading in the United States. Spot gold rose $29.90 to $2359.05, a 1.28% increase during trading. Spot silver rose $1.017 to $30.510, a 3.45% increase in intraday trading.

During his speech at the European Central Bank meeting in Portugal on Tuesday, Federal Reserve Chairman Jerome Powell eased his stance on US monetary policy, with many markets including precious metals and the US stock market easing. Trade Nation analyst Angus Campbell said, "Powell delivered a relatively mild speech on the progress made by the US central bank in reducing inflation. However, he continued to say that before he is willing to relax monetary policy, he needs to see more evidence that inflation is sustainable towards the 2% target. Nevertheless, the market still believes that there is a high possibility of two 25 basis point rate cuts before the end of the year." The headline in The Wall Street Journal today was: "Powell is reconsidering rate cuts."

Wednesday is a very busy day for the release of US economic data, including weekly MBA mortgage application surveys, ADP national employment reports, challenger layoffs reports, weekly unemployment claims, international trade reports, ISM business services reports, US Service Purchasing Managers Index (PMI), global service PMI, manufacturer shipments and inventories, weekly report on US Department of Energy liquid energy inventories, and minutes of Federal Open Market Committee meetings.

Asian and European stock indices fluctuated, but mostly strengthened overnight. After the S&P 500 and Nasdaq closed at historic highs on Tuesday, the New York stock market opened lower. Due to the Independence Day holiday on Thursday, some markets were closed early today, and all markets in the United States were closed that day.

Overnight news: The Eurozone Producer Price Index fell 0.2% month on month and 4.2% year-on-year in May. These numbers are close to market expectations.

The UK will hold a general election on Thursday, which some believe is the most important election in years. On the peripheral market side, the US dollar index has slightly declined, with crude oil prices on the New York Mercantile Exchange approaching stability and trading at around $82.75 per barrel. The benchmark 10-year US treasury bond bond yield is currently 4.43%.

Technically speaking, spot gold bulls have overall technical advantages in the near future. The next upward price target for bulls is to stabilize above the June high of $2406.70. The next short-term downward price target for bears is pushing gold prices below technical support of $2300.00. The first resistance level is seen at $2375, followed by $2382.60. The first support level was seen at $2350, followed by the overnight support level low of $2335.70.

Long positions in spot silver futures have overall technical advantages in the near future and have regained their mobility. The next upward target for silver bulls is to close above the technical resistance level of $32.00. The next downside target for bears is to close below the June low supported by $28.90. The first resistance level is seen at $31.00, followed by $31.225. The next support level is at $30.50, followed by $30.00.