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Gold, Silver Trade Both Sides Of Unchanged

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(Kitco News) - Gold and silver prices are slightly lower in early U.S. trading Thursday, but the metals have visited both sides of unchanged just recently. The metals are getting a bit of support from a pullback in the U.S. dollar index from its recent strong gains. However, a wobbly crude oil market that has come well down from its recent high is a bearish outside market factor for the precious metals. August Comex gold futures were last down $1.20 an ounce at $1,305.20. July Comex silver was last down $0.029 at $16.515 an ounce.

Some just-released U.S. economic data put just a bit of selling pressure into the gold and silver markets. Weekly jobless claims fell by 13,000 and personal income rose by 0.3% in April. The jobless claims report was deemed slightly upbeat, while the personal income data was in line with market expectations.

World stock markets were mixed overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins.

There were no major, new developments overnight on the geopolitical front.

Traders are awaiting Friday’s U.S. jobs report for May. The key non-farm payrolls number is expected to come in at up around 190,000. Wednesday’s ADP jobs report showed a rise of 178,000.

The key “outside markets” today find Nymex crude oil prices weaker and trading just below $68.00 a barrel.

Meantime, the U.S. dollar index is lower on more profit taking and a corrective pullback after hitting hit a 10.5-month high on Tuesday.

U.S. economic data due for release Thursday includes the weekly jobless claims report, the Challenger job-cuts report, personal income and outlays, the ISM-Chicago business survey, pending home sales and the weekly DOE liquid energy stocks report.

Live 24 hours gold chart [Kitco Inc.]

Technically, August gold bears have the slight overall near-term technical advantage. Prices are still in a seven-week-old downtrend on the daily bar chart, but just barely. Gold bulls' next upside near-term price breakout objective is to produce a close above the May high of $1,332.40. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the May low of $1,286.80. First resistance is seen at last week’s high of $1,312.60 and then at $1,320.00. First support is seen at $1,300.00 and then at this week’s low of $1,296.60. Wyckoff's Market Rating: 4.5

Live 24 hours silver chart [ Kitco Inc. ]

July silver futures bulls and bears are on a level overall near-term technical playing field, amid recent choppy trading. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $17.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the May low of $16.07. First resistance is seen at today’s high of $16.615 and then at last week’s high of $16.74. Next support is seen at this week’s low of $16.31 and then at $16.19. Wyckoff's Market Rating: 5.0.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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