(Kitco News) - Gold prices are slightly lower and silver modestly up in early U.S. trading Thursday. Both precious metals are pausing ahead of another busy day for U.S. economic reports. Silver prices hit a five-week high overnight and are poised to push above the April high and to a more-than-three-year high. June gold was last down $5.40 at $2,389.40. July silver was last up $0.171 at $29.89.
Another busy day for U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey, new residential construction, import and export price indexes, and industrial production and capacity utilization. Several Federal Reserve officials are also scheduled to speak today.
Asian and European stock indexes were mostly higher overnight. U.S. stock indexes are pointed toward slightly firmer openings and at new record highs when the New York day session begins. A slightly cooler-than-expected U.S. CPI report on Wednesday cheered the stock and commodity market bulls.
The key outside markets today see the U.S. dollar index slightly up. Nymex crude oil prices are weaker and trading around $78.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is fetching 4.34%.
Technically, the gold futures bulls have the solid overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at the contract high of $2,448.80. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,300.00. First resistance is seen at the overnight high of $2,402.70 and then at $2,415.00. First support is seen at the $2,375.00 and then at Wednesday’s low of $2,357.10. Wyckoff's Market Rating: 7.5.
The silver bulls have the solid overall near-term technical advantage and have gained good power this week. Silver bulls' next upside price objective is closing July futures prices above solid technical resistance at the April high of $30.19. The next downside price objective for the bears is closing prices below solid support at $28.00. First resistance is seen at $30.19 and then at $30.50. Next support is seen at the overnight low of $29.655 and then at $29.25. Wyckoff's Market Rating: 8.5.
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