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(Kitco News) - Gold prices are slightly down and silver prices near steady in quieter summertime trading early Monday. Traders are looking for some fresh fundamental news to drive market prices. December gold was last down $2.80 at $1,997.10 and September silver was steady at $24.495.
Asian and European stock markets were mixed to higher in overnight trading. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins.
In overnight news, Eurozone inflation eased in July, at up 5.3%, year-on-year, compared to a rise of 5.5% in June. The July reading was in line with market expectations.
Trading may remain more subdued this week, ahead of the U.S. data point of the week on Friday: the U.S. employment situation report for July. The key non-farm payrolls number is expected to come in at up 200,000 jobs, compared to a rise of 209,000 in the June report.
The key outside markets today see the U.S. dollar index slightly up. Meantime, Nymex crude oil prices are up and trading around $81.25 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 3.981%.
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| Gold investors will be watching U.S. data like a hawk next week, anticipating a weakening trend |
U.S. economic data due for release Monday includes the Chicago ISM business survey and the Texas manufacturing outlook survey.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, the gold futures bulls and bears are on a level overall near-term technical playing field. Bulls’ next upside price objective is to produce a close in December futures above solid resistance at the July high of $2,028.60. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the June low of $1,939.20. First resistance is seen at $2,000.00 and then at $2,012.00. First support is seen at the overnight low of $1,986.70 and then at last week’s low of $1,981.20. Wyckoff's Market Rating: 5.0.
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
The silver bulls have the slight overall near-term technical advantage. Silver bulls' next upside price objective is closing September futures prices above solid technical resistance at the July high of $25.475. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at $25.00 and then at last week’s high of $25.325. Next support is seen at last week’s low of $24.18 and then at $24.00. Wyckoff's Market Rating: 5.5.
