(Kitco News) - Gold prices are modestly down and silver prices slightly up in midday U.S. trading Tuesday. Precious metals traders are awaiting price direction from this week’s key economic and political events that began to unfold today. August gold was last down $8.00 at $2,331.00. July silver was up $0.062 at $29.675.
One U.S. data point of the day Tuesday saw the jobs and labor turnover
survey (JOLTS) report show the number of available jobs in the U.S. unexpectedly grew in May, signaling resilience in the nation’s labor market. Job openings jumped higher to 8.14 million in May, from a downwardly revised 7.91 million in April, according to the Bureau of Labor Statistics. Economists had expected openings would fall to around 7.9 million.
Also, Federal Reserve Chair Jerome Powell said in a speech today at a European Central Bank confab that he is pleased with how U.S. inflation has resumed a downtrend following a rebound at the start of the year.
That’s a sign the U.S. central bank might be able to lower interest rates in the coming months, but Powell declined to endorse such a move. "We want to be more confident that inflation is moving sustainably down," cautioned Powell. Powell’s comments had no lasting impact on the precious metals markets.
The FOMC minutes come on Wednesday afternoon and the monthly jobs report on Friday. U.S. markets are closed on Thursday, July 4, for the Independence Day holiday. The U.K. has its general elections on Thursday.
The key outside markets today see the U.S. dollar index slightly down. Nymex crude oil prices are near steady after hitting a nearly three-month high and are trading around $83.50 a barrel. The benchmark 10-year U.S. Treasury note yield is presently around 4.4%. U.S. Treasury yields have been on the rise recently.
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 $2,325.00 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 this week’s low of $29.25 and then at $29.00. Wyckoff's Market Rating: 5.5.
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