Gold price sees modest rebound with Fed, ECB BOE, central bankers on deck
(Kitco News) - Gold and silver prices are a bit firmer in early U.S. trading Wednesday, on corrective rebounds from recent selling pressure. The marketplace will be closely watching a central bankers’ forum in Portugal that begins today at 9:00 a.m. EDT. Speakers include Fed Chairman Powell, ECB President Lagarde and Bank of England governor Bailey. August gold futures were last up $6.90 at $1,828.10. July Comex silver futures were last up $0.054 at $20.86 an ounce.
Global stock markets were mostly lower overnight. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins. Trader and investor risk appetite has pulled back at mid-week, following downbeat consumer confidence readings out of the U.S. on Tuesday and out of the Euro zone today.
The key outside markets today see Nymex crude oil prices higher and trading around $113.00 a barrel. The U.S. dollar index is near steady in early U.S. trading. The yield on the 10-year U.S. Treasury note is fetching 3.134%.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, revised corporate profits, U.S. final GDP figures for the first quarter, and the weekly DOE liquid energy stocks report.
Technically, the August gold futures bears have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at the June high of $1,882.50. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at Tuesday’s high of $1,830.90 and then at this week’s high of $1,842.80. First support is seen at today’s low of $1,810.70 and then at the June low of $1,806.10. Wyckoff's Market Rating: 3.0.
July silver futures bears have the solid overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $22.00 an ounce. The next downside price objective for the bears is closing prices below solid support at the May low of $20.42. First resistance is seen at $21.00 and then at $21.355. Next support is seen at the June low of $20.545 and then at $20.42. Wyckoff's Market Rating: 2.0.