(Kitco News) - Gold prices are a bit weaker in early U.S. trading Thursday, but silver prices are showing decent gains. The yellow metal is seeing mild selling pressure amid a firmer U.S. dollar index and a slight rise in U.S. Treasury yields on this day. June gold was last down $3.20 at $2,319.10. July silver was last up $0.299 at $27.90.
Asian and European stock indexes were mixed overnight. U.S. stock indexes are pointed to toward slightly lower openings when the New York day session begins.
The Bank of England held its monetary policy steady today. The BOE’s main rate was kept unchanged at a 16-year high of 5.25%.
China trade data for April came out better than market expectations, with exports up 1.5%, year-on-year and imports up 8.4% in the same period.
The key outside markets today see the U.S. dollar index slightly firmer. Nymex crude oil prices are higher trading around $79.55 a barrel. The yield on the benchmark 10-year U.S. Treasury note is fetching 4.51%.
U.S. economic data due for release Thursday includes the weekly jobless claims report and the monthly retail chain store sales index.
Technically, the gold futures bulls have the overall near-term technical advantage. However, prices are still in a downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at $2,400.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,250.00. First resistance is seen at Wednesday’s high of $2,329.60 and then at this week’s high of $2,341.90. First support is seen at Wednesday’s low of $2,311.40 and then at $2,300.00. Wyckoff's Market Rating: 6.5.
The silver bulls have the overall near-term technical advantage. A downtrend on the daily bar chart has been negated. Silver bulls' next upside price objective is closing July futures prices above solid technical resistance at $29.00. The next downside price objective for the bears is closing prices below solid support at last week’s low of $26.255. First resistance is seen at $28.00 and then at $28.25. Next support is seen at the overnight low of $27.515 and then at Wednesday’s low of $27.24. Wyckoff's Market Rating: 6.0
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