 | Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here! |
(Kitco News) - Gold prices are higher and silver is slightly up in early U.S. trading Tuesday. Both precious metals are being supported by bullish daily outside market forces that see the U.S. dollar index weaker, crude oil prices firmer and U.S. Treasury yields down a bit. August gold was last up $11.60 at $1,942.60 and September silver was up $0.02 at $23.365.
Asian and European stock markets were mixed to firmer in overnight trading. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. Trading so far this week has been more subdued and the same may be the case today. However, the U.S. data point of a busy data week is the consumer price index report for June on Wednesday morning, which is expected to come in at up 5.0%, year-on-year, compared to a gain of 5.3% in the May report. Trading action in many financial markets is likely to heat up in the wake of the CPI report, especially if it’s a miss from market expectations.
The key outside markets today see the U.S. dollar index lower. Nymex crude oil prices are slightly up and trading around $73.20 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 3.962%.
|
| This catapults gold to $2,500 and then $5,000 by 2026 - Midas Touch Consulting's Florian Grummes |
U.S. economic data due for release Tuesday includes the weekly Johnson Redbook retail sales report, the NFIB small business index, and the IDB/TIPP economic optimism index.
![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 nine-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 $1,944.50 and then at $1,950.00. First support is seen at the overnight low of $1,929.80 and then at this week’s low of $1,918.00. 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. However, a nine-week-old downtrend on the daily bar chart has stalled out. Silver bulls' next upside price objective is closing September futures prices above solid technical resistance at the June high of $24.835. The next downside price objective for the bears is closing prices below solid support at the June low of $22.34. First resistance is seen at the overnight high of $23.595 and then at $23.75. Next support is seen at $23.00 and then at last week’s low of $22.72. Wyckoff's Market Rating: 4.0.
