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(Kitco News) - Gold and silver prices are modestly down in midday trading Thursday, but well up from their daily lows. Gold hit another a 3.5-month low overnight. The metals are being pressured by some upbeat U.S. economic data that rallied the U.S. dollar index and pushed U.S. Treasury yields higher. August gold was last down $4.80 at $1,917.30 and July silver was down $0.294 at $22.595.
The final U.S. GDP and personal consumption numbers for the first quarter came in stronger than expected. GDP was revised from 1.3% to 2.0% growth, while personal consumption rose from 3.8% to 4.2%. Meantime, U.S. jobless claims fell 26,000, to 239,000, down from an 18-month high and the biggest decline since 2021. The numbers fall into the camp of the U.S. monetary policy hawks, who want the Federal Reserve to keep raising interest rates.
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| State Street Global Advisors sees healthy demand for gold and investors are getting younger |
Asian and European stock markets were mixed to weaker in quieter overnight trading. U.S. stock indexes are mixed at midday. The key outside markets today see the U.S. dollar index higher. Nymex crude oil prices are slightly down and trading around $69.25 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 3.84%.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, August gold futures prices hit another 3.5-month low early on today. Bears have the overall near-term technical advantage. Prices are in a seven-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the February low of $1,846.80. 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 1,900.00 and then at $1,890.00. Wyckoff's Market Rating: 3.5.
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
July silver futures bears have the overall near-term technical advantage. A choppy, seven-week-old price downtrend is in place on the daily bar chart. Silver bulls' next upside price objective is closing 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 today’s low of $22.30 and then at the June low of $22.14. Wyckoff's Market Rating: 4.0.
July N.Y. copper closed down 480 points at 367.45 cents today. Prices closed nearer the session low today and hit a three-week low. The copper bears have the firm overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the June high of 396.70 cents. The next downside price objective for the bears is closing prices below solid technical support at the May low of 354.50 cents. First resistance is seen at Wednesday’s high of 278.10 cents and then at this week’s high of 383.60 cents. First support is seen at today’s low of 366.25 cents and then at 360.00 cents. Wyckoff's Market Rating: 3.0.
