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(Kitco News) - Goldand silver prices are down a bit in early U.S. trading Wednesday. Some mild profit taking from the shorter-term futures traders is featured, prompted by a mid-week bounce in the U.S. dollar index. The charts have turned near-term bullish for both metals, so don’t be surprised if the bulls step in to buy today’s dip in prices. August gold was last down $3.40 at $1,977.40 and September silver was down $0.026 at $25.23.
Asian and European stock markets were mostly higher in overnight trading. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins. The U.S. stock index bulls are enjoying price uptrends in place on the daily bar charts, with prices this week hitting their highs for the year. Solid quarterly earnings results from U.S. banks are also helping drive stock index prices higher.
In overnight news, the Euro zone June consumer price index was reported up 5.5%, year-on-year, which was right in line with market expectations.
The key outside markets today see the U.S. dollar index higher. Meantime, Nymex crude oil prices are slightly up trading around $75.75 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 3.754%.
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| Gold prices push to six-week high as expectations grow for Fed rate hike pause |
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, new residential construction and the weekly DOE liquid energy stocks report.
![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. Prices are in a fledgling uptrend 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 $1,988.30 and then at $2,000.00. First support is seen at $1,968.00 and then at Tuesday’s low of $1,958.10. Wyckoff's Market Rating: 5.5
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
The silver bulls have the firm overall near-term technical advantage. A three-week-old uptrend is in place on the daily bar chart. Silver bulls' next upside price objective is closing September futures prices above solid technical resistance at the April high of $26.645. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at this week’s high of $25.405 and then at $26.00. Next support is seen at this week’s low of $24.815 and then at $24.31. Wyckoff's Market Rating: 7.0.
