(Kitco News) - Gold and silver prices are higher in early U.S. trading Tuesday, supported by rising crude oil prices that hit a nine-week high today, and sharp daily losses in the U.S. dollar index. The bears in both markets appear to have run out of gas after their recent downside campaign. Short covering in the futures markets is featured today. June gold futures were last up $18.90 at $1,832.40. July Comex silver futures were last up $0.209 at $21.755 an ounce.
Global stock markets were mostly higher overnight. U.S. stock indexes are pointed toward solidly higher openings when the New York day session begins. The marketplace is more upbeat Tuesday on reports China will start to ease its lockdowns in major cities, including Hong Kong and Shanghai.
The marketplace will be watching a scheduled Wall Street Journal interview with Fed Chairman Jerome Powell this afternoon. Traders and investors will be keen to see if Powell remarks on timing aspects of Fed monetary policy and/or inflation, as well as the prospect of the U.S. economy entering a recession.
In overnight news, the Eurozone economy grew by 0.3% in the first quarter and GDP was up 5.1%, year-on-year. Those numbers were slightly better than expected.
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The key outside markets today see Nymex crude oil futures prices firmer, at a nine-week high and trading around $115.00 a barrel. Meantime, the U.S. dollar index is lower in early trading. The yield on the 10-year U.S. Treasury note is fetching 2.915%.
A busy U.S. economic data release day Tuesday includes the weekly Johnson redbook and chain store retail reports, retail sales, industrial production and capacity utilization, the NAHB housing market index, and manufacturing and trade inventories.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, the June gold futures bears still have the firm overall near-term technical advantage but they may have run out of gas. A two-month-old downtrend is still in place on the daily bar chart. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at $1,875.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at this week’s low of $1,785.00. First resistance is seen at the overnight high of $1,834.80 and then at $1,850.00. First support is seen at the overnight low of $1,820.90 and then at $1,800.00. Wyckoff's Market Rating: 3.0
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
July silver futures bears have the solid overall near-term technical advantage. Prices are still in a downtrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $23.00 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 $22.00 and then at $22.50. Next support is seen at the overnight low of $21.56 and then at $21.00. Wyckoff's Market Rating: 2.5.
