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(Kitco News) - Gold and silver prices are down, with gold notching a 3.5-month low, in early U.S. trading Wednesday. With a lack of markets-moving fundamental news at mid-week, traders are focused more on the charts for the precious metals, which are leaning bearish. August gold was last down $8.30 at $1,915.50 and July silver was down $0.285 at $22.675.
Asian and European stock markets were mixed overnight. U.S. stock indexes are pointed toward mixed openings when the New York day session begins. Risk aversion has eased at mid-week following the weekend insurrection in Russia that was quickly quelled. Quieter summertime trading ahead of the major U.S. Independence Day holiday next Tuesday seems to the feature at present. appearances from the heads of the Fed, ECB, BoE and BoJ.
Federal Reserve Chairman Jerome Powell, European Central Bank President Christine Lagarde, Bank of England Governor Andrew Bailey and Bank of Japan Governor Kazuo Ueda are scheduled to take part in a panel discussion at an ECB forum on central banking today. The session begins in the morning, U.S. time. Traders and investors will monitor the central bankers’ comments. "Often in these situations, policymakers will stick to the scripts, preferring to leave big announcements for meetings and certain high-profile events. But with so many heads appearing at the same time, there's every chance at least one says something that will either rattle or stimulate the markets," said analyst Craig Erlam of OANDA. "To make this event more intriguing, they're all contending with very similar issues and yet their individual situations are quite different, which could make the discussion all the more interesting," he said.
In overnight news, Australia reported tamer inflation numbers as its May consumer price index was up 5.6%, year-on-year, compared to the April figure of up 6.8%.
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The key outside markets today see the U.S. dollar index a bit firmer. Nymex crude oil prices are firmer and trading around $68.25 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 3.747%.
U.S. economic due for release Wednesday includes the weekly MBA mortgage applications survey, advance economic indicators and the weekly DOE liquid energy stocks survey.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, the gold futures bears have the overall near-term technical advantage. A six-week-old price downtrend is in place 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 the overnight high of $1,926.10 and then at this week’s high of $1,943.40. First support is seen at $1,910.00 and then at $1,900.00. Wyckoff's Market Rating: 4.0
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
The silver bears have the overall near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. Silver bulls' next upside price objective is closing July futures prices above solid technical resistance at $24.00. The next downside price objective for the bears is closing prices below solid support at $21.00. First resistance is seen at this week’s high of $23.15 and then at $23.50. Next support is seen at this week’s low of $22.435 and then at the June low of $22.14. Wyckoff's Market Rating: 4.0.
