Gold, Silver Near Steady Amid Uncertainty Ahead Of Weekend, Geopolitical Events
(Kitco News) - Gold and silver prices are trading near unchanged levels in early U.S. trading Friday. Selling interest in the safe-haven metals will be limited today, heading into the weekend and pending major geopolitical developments. August Comex gold futures were last up $0.30 an ounce at $1,303.50. July Comex silver was last up $0.015 at $16.83 an ounce.
There is some uncertainty and even some anxiety among traders and investors heading into this weekend’s Group of Seven meeting in Canada between the major industrialized countries of the world. Trade and import tariffs will likely be the major topic of discussion among the finance ministers of the major world economies. The tone among the world leaders attending the meeting is not good, regarding resolving trade the disputes.
And then early next week President Trump is scheduled to meet with North Korean President Kim Jong Un. The results of this meeting are very much up in the air and hard for the markets to gauge. This adds another element of uncertainty heading into the weekend, to put the marketplace is a more risk-averse mood today.
World stock markets were lower overnight and U.S. stock indexes are pointed toward lower openings when the New York day session begins.
The key “outside markets” today find Nymex crude oil prices weaker and trading above $65.00 a barrel. The U.S. dollar index is higher today on a rebound from this week’s losses and a bit of safe-haven demand.
U.S. economic data due for release Friday is light and includes the monthly wholesale trade report.
Technically, August gold bulls and bears are in a level overall near-term technical playing field. A seven-week-old downtrend on the daily bar chart has been negated. 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 this week’s high of $1,307.80 and then at last week’s high of $1,312.60. First support is seen at last week’s low of $1,293.10 and then at $1,286.70. Wyckoff's Market Rating: 5.0
July silver futures bulls have the slight overall near-term technical advantage. 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 this week’s high of $16.935 and then at $17.00. Next support is seen at today’s low of $16.645 and then at $16.50. Wyckoff's Market Rating: 5.5.