Gold Firmer, Holding Friday's Solid Gains; Yellen On Deck
Monday June 06, 2016 08:19
(Kitco News) - Gold is trading slightly higher in early U.S. trading Monday, following the strong gains posted Friday in the wake of a very weak U.S. jobs report. August Comex gold was last up $2.60 an ounce at $1,245.60. July Comex silver was last up $0.08 at $16.445 an ounce.
The marketplace is awaiting a speech later today by Fed Chair Janet Yellen. She may offer new insight into upcoming Fed monetary policy decisions following Friday’s very downbeat jobs report for May that showed a paltry 38,000 rise in the key non-farm payrolls number. Yellen’s speech in Philadelphia is scheduled to begin at 12:30 p.m. EDT.
World stock markets were narrowly mixed overnight in mostly subdued trading. U.S. stock indexes are pointed toward slightly higher openings when the New York session begins.
There is no major U.S. economic data due for release Monday.
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Wyckoff’s Daily Risk Rating: 2.5 (Trader and investor market risk aversion is not elevated today.)
(Wyckoff’s Daily Risk Rating is your way to quickly gauge investor risk appetite in the world market place each day. Each day I assess the “risk-on” or “risk-off” trader mentality in the market place with a numerical reading of 1 to 5, with 1 being least risk-averse (most risk-on) and 5 being the most risk-averse (risk-off).
Technically, June gold futures bulls have regained the overall near-term technical advantage. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,275.00. Bears' next near-term downside price breakout objective is closing prices below solid technical support at $1,200.00. First resistance is seen at today’s high of $1,251.30 and then at $1,260.00. First support is seen at the overnight low of $1,242.10 and then at 1,230.00. Wyckoff’s Market Rating: 6.0
July silver bulls and bears are on a level overall near-term technical playing field. Silver bulls’ next upside price breakout objective is closing futures 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 last week’s low of $15.83. First resistance is at $16.585 and then at $16.75. Next support is seen at $16.25 and then at $16.00. Wyckoff's Market Rating: 5.0.