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(Kitco News) - Gold and silver prices are modestly down, with gold hitting another a 3.5-month low, in early U.S. trading Thursday. In quieter summertime trading and no fresh, markets-moving news events, the technical-based traders are focused on the bearish near-term charts for gold and silver. August gold was last down $4.50 at $1,917.70 and July silver was down $0.039 at $22.85.
Asian and European stock markets were mixed to weaker in quieter overnight trading. U.S. stock indexes are pointed toward firmer openings when the New York day session begins.
In overnight news, Sweden’s central bank raised its main interest rate by 0.25%, to 3.75%.
The key outside markets today see the U.S. dollar index slightly up. Nymex crude oil prices are near steady and trading around $69.50 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 3.749%.
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| ABN AMRO revises gold forecast lower as "Investors don't seem eager to buy gold at current levels" |
U.S. economic due for release Thursday includes the weekly jobless claims report, the third estimate of first-quarter GDP, and pending home sales.
![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 Wednesday’s high of $1,926.10 and then at this week’s high of $1,943.40. First support is seen at the overnight low of $1,910.50 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 Wednesday’s low of $22.60 and then at this week’s low of $22.435. Wyckoff's Market Rating: 4.0.
