(Kitco News) - Gold prices are higher and silver prices slightly up in midday U.S. trading Tuesday. Gold got a boost after a weaker U.S. economic report was released earlier this morning. A rally in the crude oil market to a six-week high today is also a bullish outside-market element for the metals markets. August gold was last up $13.30 at $2,342.30. July silver was last up $0.079 at $29.47.
Today’s U.S. retail sales report for May showed a gain of 0.1%, month-on-month, versus expectations for a rise of 0.2%. April sales were revised down from unchanged to -0.2%, month-on-month. Today’s weaker sales data falls into the camp of the U.S. monetary policy hawks, who want to see the Federal Reserve cut interest rates sooner rather than later. CNBC’s chief economics reporter Steve Liesman called today retail sales report very important as the data, including the April revisions, suggests U.S. economic growth is slowing and not accelerating.
U.S. stock indexes are mixed at midday. Despite the U.S. federal holiday on Wednesday, when U.S. markets are closed, it’s still a busy week for U.S. data.
The key outside markets today see the U.S. dollar index slightly down after the downbeat retail sales report. Nymex crude oil prices are firmer and hit a six-week high today.
Technically, August gold bulls and bears are on a level overall near-term technical playing field amid recent choppy trading. Bulls’ next upside price objective is to produce a close above solid resistance at the June high of $2,406.70. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the June low of $2,304.20. First resistance is seen at $2,350.00 and then at $2,358.80. First support is seen at the overnight low of $2,320.20 and then at the June low of $2,304.20. Wyckoff's Market Rating: 5.0.
July silver futures bulls have the overall near-term technical advantage. However, prices are trending down on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $31.00. The next downside price objective for the bears is closing prices below solid support at $28.00. First resistance is seen at today’s high of $29.76 and then at $30.00. Next support is seen at $29.00 and then at the June low of $28.73. Wyckoff's Market Rating: 6.0.
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