(Kitco News) - Gold and silver prices are solidly up in early U.S. trading Thursday, on a day that will see a heavy slate of U.S. economic data releases. December gold was last up $20.90 at $2,500.60. September silver was up $1.011 at $28.35.
The U.S. data point of the busy report day Thursday is the retail sales report that will be closely scrutinized by the marketplace. Retail sales in July are seen coming in up 0.3% from June compared to an unchanged reading in the June report.
Asian and European stock indexes were mostly firmer overnight. U.S. stock indexes are pointed toward firmer openings when the New York day session begins.
The key outside markets today see the U.S. dollar index near steady. Nymex crude oil prices are firmer and are trading around $77.75 a barrel. The benchmark 10-year U.S. Treasury note is presently fetching 3.833%.
Other U.S. economic data due out Thursday includes the weekly jobless claims report, the Empire State manufacturing survey, the Philadelphia Fed business survey, wholesale trade data, import and export price indexes, industrial production and capacity utilization, manufacturing and trade inventories, the NAHB housing market index and Treasury international capital data.
Technically, December gold bulls have the solid overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at the contract high of $2,537.70. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,400.00. First resistance is seen at this week’s high of $2,519.70 and then at $2,524.00. First support is seen at the overnight low of $2,484.00 and then at Wednesday’s low of $2,476.20. Wyckoff's Market Rating: 7.5.
September silver futures bears have the overall near-term technical advantage. Prices are in a nearly three-month-old downtrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the August high of $29.355. The next downside price objective for the bears is closing prices below solid support at $26.00. First resistance is seen at $28.50 and then at $28.815. Next support is seen at $28.00 and then at this week’s low of $27.23. Wyckoff's Market Rating: 4.0.
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