(Kitco News) - Gold prices are modestly lower in early U.S. trading Friday, on a routine corrective pullback after hitting a three-week high overnight. The precious metals markets showed little initial reaction to a solid U.S. jobs report. August gold futures were last down $8.40 at $1,862.90. July Comex silver futures were last up $0.05 at $22.31 an ounce.
The just-released U.S. unemployment situation report for May showed U.S. non-farm payrolls up 390,000. The number was expected to show a rise of 328,000. A rise of 428,000 was reported in the April data. The unemployment rate in May came in at 3.6% and was expected to be 3.5% versus 3.6% reported in April. The closely watched average hourly earnings figures showed a rise of 5.24% annually.
Global stock markets were mixed to firmer overnight. U.S. stock indexes are pointed toward weaker openings when the New York day session begins.
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| Gold on recovery path as prices see double-digit gains |
The key outside markets today see Nymex crude oil prices a near steady and trading around $117.00 a barrel. The U.S. dollar index is slightly up in early trading. The yield on the 10-year U.S. Treasury note is fetching 2.924%.
Other U.S. economic data due for release Friday includes the U.S. services PMI and the ISM report on business services.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, the August gold futures bears have the overall near-term technical advantage. However, a 2.5-month-old downtrend on the daily bar chart has been negated and the bulls have momentum on their side, including working on a price uptrend on the daily chart. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at $1,900.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at today’s high of $1,878.60 and then at $1,900.00. First support is seen at the overnight low of $1,866.00 and then at $1,850.00. Wyckoff's Market Rating: 4.0
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
July silver futures bears have the overall near-term technical advantage. However, the bulls have gained momentum late this week and are working on a price uptrend on the daily chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $23.50 an ounce. The next downside price objective for the bears is closing prices below solid support at $21.00. First resistance is seen at $22.75 and then at $23.00. Next support is seen at $22.00 and then at Thursday’s low of $21.785. Wyckoff's Market Rating: 3.5.
