(Kitco News) - Gold prices are modestly higher and silver slightly up in early U.S. trading Tuesday, just ahead of major U.S. economic data releases that begin this morning. December gold was last up $7.10 at $2,432.60. September silver was up $0.049 at $27.915.
Today sees the Federal Reserve’s FOMC meeting begin this morning and end Wednesday afternoon, as well as the JOLTS report this morning. The Bank of Japan’s two-day monetary policy meeting begins today.
In overnight news, the Euro zone second-quarter GDP came in at up 0.3% from the first quarter and up 0.6%, year-on-year. Those numbers were slightly above market expectations.
China’s politburo said it will take more aggressive steps to boost consumer spending and to ward off other economic weakness. The politburo meets around four times a year to discuss the world’s second-largest economy’s condition.
The key outside markets today see the U.S. dollar index slightly firmer after hitting a three-week high Monday. Nymex crude oil prices are lower, hit a six-week low overnight, and trading around $75.75 a barrel. The benchmark 10-year U.S. Treasury note yield is presently 4.178%.
U.S. economic reports out Tuesday include the weekly Johnson Redbook retail sales report, the U.S. monthly house price index, the S&P Core-Logic house price index, the consumer confidence index, the JOLTS report and the FOMC meeting begins.
Technically, December gold bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at last week’s high of $2,481.10. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,350.00. First resistance is seen at the overnight high of $2,437.50 and then at $2,450.00. First support is seen at the overnight low of $2,421.50 and then at this week’s low of $2,414.50. Wyckoff's Market Rating: 6.5.
September silver futures bears have the overall near-term technical advantage. Prices are trending down on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at last week’s high of $29.63. The next downside price objective for the bears is closing prices below solid support at the May low of $26.55. First resistance is seen at this week’s high of $28.335 and then at $29.00. Next support is seen at this week’s low of $27.45 and then at $27.00. Wyckoff's Market Rating: 4.0
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