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(Kitco News) - Gold and silver prices are higher in early U.S. trading Friday. Both metals have posted impressive rebounds from this week’s lows and have been boosted in part by the sell off in the U.S. dollar index, which hit a four-week low overnight. August gold was last up $9.20 at $1,979.80 and July silver was up $0.308 at $24.26.
Global stock markets were mixed overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. So far Friday, it’s a quieter end to a very busy economic data week. U.S. traders and investors are looking forward to a three-day holiday weekend, as the new Juneteenth federal holiday next Monday has the U.S. government and markets closed.
In overnight news, the Euro zone consumer price index in May rose 6.1%, year-on-year, which was right in line with market expectations.
The U.S. is pushing to improve U.S.-China relations, as U.S. Secretary of State Blinken is headed to China for talks this weekend.
The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are slightly up and trading around $70.75 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching around 3.7%.
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| Gold remains a strategic asset to hold as the Federal Reserve maintains its hawkish stance - World Gold Council's Cavatoni |
U.S. economic due for release Friday is light and includes the University of Michigan consumer sentiment survey.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, the gold futures bulls have the slight overall near-term technical advantage. However, the bears have re-established a price downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in August futures above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at this week’s high of $1,985.90 and then at last week’s high of $1,987.80. First support is seen at the overnight low of $1,967.00 and then at $1,950.00. Wyckoff's Market Rating: 5.5
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
The silver bulls have the overall near-term technical advantage. Silver bulls' next upside price objective is closing July futures prices above solid technical resistance at the June high of $24.62. The next downside price objective for the bears is closing prices below solid support at the May low of $22.785. First resistance is seen at this week’s high of $24.52 and then at $24.62. Next support is seen at today’s low of $23.91 and then at $23.50. Wyckoff's Market Rating: 6.0.
