(Kitco News) - Gold futures prices are slightly down and silver futures prices near steady in midday U.S. trading Monday. Rising U.S. Treasury yields are limiting buying interest in the precious metals on this first trading day of the third quarter. August gold was last down $1.40 at $2,338.20. July silver was up $0.06 at $29.62.
The U.S. Independence Day holiday-shortened work week still sees key U.S. data out, including the JOLTS report on Tuesday, FOMC minutes on Wednesday, and the monthly jobs report on Friday. U.S. markets are closed on Thursday, July 4. Fed Chairman Jerome Powell speaks at a European Central Bank forum in Portugal, along with ECB President Lagarde, on Wednesday.
The key outside markets today see the U.S. dollar index near steady. Nymex crude oil prices are up and trading around $83.00 a barrel. The benchmark 10-year U.S. Treasury note yield is presently around 4.5%.
Technically, August gold bulls have a slight overall near-term technical advantage. However, prices are in a six-week-old downtrend on the daily bar chart. 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 $2,300.00. First resistance is seen at $2,350.00 and then at $2,360.00. First support is seen at the overnight low of $2,328.20 and then at $2,315.00. Wyckoff's Market Rating: 5.5.
September silver futures bulls have a slight overall near-term technical advantage but have faded. Prices are in a six-week-old downtrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $31.225. The next downside price objective for the bears is closing prices below solid support at the June low of $28.90. First resistance is seen at $30.00 and then at $30.50. Next support is seen at the overnight low of $29.25 and then at $29.00. Wyckoff's Market Rating: 5.5
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