(Kitco News) - Gold prices are just slightly up and silver prices are lower in early U.S. trading Tuesday, as a big and busy week of U.S. economic reports lies ahead. This is also the first U.S. trading day of September, a month that has a history of causing stock and financial market turbulence. Reads a Wall Street Journal headline today: “Markets’ summer vacation is over.” December gold was last up $1.20 at $2,528.80 and December silver was down $0.426 at $28.305.
Asian and European stock indexes were mixed to weaker overnight. U.S. stock indexes are pointed to lower openings when the New York day session begins. It’s indeed a big and busy U.S. data week this holiday-shortened trading week, highlighted by Friday morning’s monthly employment situation report from the Labor Department. Also out this week is the JOLTS report Wednesday.
The key outside markets today see the U.S. dollar index firmer. Nymex crude oil prices are lower and trading around $73.00 a barrel. The benchmark 10-year U.S. Treasury note is presently fetching 3.905%.
U.S. economic data due out Tuesday includes the U.S. manufacturing PMI, the global manufacturing PMI, the ISM report on business manufacturing, the RCM/TIPP economic optimism index, and construction spending.
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 $2,600.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,475.00. First resistance is seen at this week’s high of $2,564.30 and then at the contract high of $2,570.40. First support is seen at Thursday’s low of $2,536.50 and then at this week’s low of $2,527.80. Wyckoff's Market Rating: 8.0.
December silver futures bulls have the slight overall near-term technical advantage but are fading. A price uptrend on the daily bar chart has been negated. Silver bulls' next upside price objective is closing prices above solid technical resistance at the August high of $30.67. The next downside price objective for the bears is closing prices below solid support at the August low of $26.885. First resistance is seen at $29.00 and then at today’s high of $29.35. Next support is seen at today’s low of $28.525 and then at $28.25. Wyckoff's Market Rating: 5.5
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