(Kitco News) - Gold and silver prices are modestly lower in early U.S. trading Thursday, and down-ticked a bit more following the just-concluded European Central Bank regular monetary policy meeting, at which the central bank kept its policy unchanged but said it will likely raise interest rates starting in July. Most global stock markets have stabilized this week, and that’s also a negative for the safe-haven metals markets. August gold futures were last down $7.70 at $1,849.00. July Comex silver futures were last down $0.164 at $21.935 an ounce.
The other major data point of the week is Friday morning’s U.S. consumer price index report for May. The CPI is expected to be up 8.2%, year-on-year, after a rise of 8.3% in April.
Global stock markets were mostly weaker overnight. U.S. stock indexes are pointed toward higher openings when the New York day session begins. Trading in the stock indexes has been choppy recently, but the bulls still don’t have the power to start near-term price uptrends.
In overnight news, U.S. Treasury Secretary Janet Yellen said surging crude oil prices could lead to a global economic recession.
The key outside markets today see Nymex crude oil prices slightly lower and trading around $121.80 a barrel. The U.S. dollar index is weaker in early trading. The yield on the 10-year U.S. Treasury note is fetching 3.018%.
U.S. economic data due for release Thursday is light and includes the weekly jobless claims report.
![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. 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 this week’s high of $1,862.40 and then at last week’s high of $1,878.60. First support is seen at this week’s low of $1,838.50 and then at last week’s low of $1,830.20. 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 are working on a price uptrend on the daily chart but need to show more power soon to keep it alive. 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 $22.30 and then at this week’s high of $22.565. Next support is seen at this week’s low of $21.795 and then at $21.50. Wyckoff's Market Rating: 3.5.
