(Kitco News) - Gold futures prices are sharply lower in midday U.S. trading Thursday, on profit-taking pressure and weak long liquidation from the shorter-term futures traders. Better trader/investor risk appetite in the general marketplace late this week is also bearish for the safe-haven metals. Sharp gains in the U.S. dollar index today are also a negative for the metals. June gold was last down $77.00 at $3,314.80. July silver prices were last down $0.151 at $32.64.
U.S. stock indexes are sharply up at midday. Risk appetite is keener today as President Donald Trump announced a trade deal the United Kingdom. Trump said more deals are coming. Meantime, the U.S. and China will hold trade talks over the weekend in Switzerland.
In overnight news, the Bank of England cut its main interest rate by 0.25%. The move was widely expected.
The key outside markets today see the U.S. dollar index sharply higher. Nymex crude oil futures prices are higher and trading around $59.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.35%.
Technically, June gold futures bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at this week’s high of $3,448.20. Bears' next near-term downside price objective is pushing futures prices below solid technical support at last week’s low of $3,209.40. First resistance is seen at $3,350.00 and then at $3,400.00. First support is seen at $3,300.00 and then at $3,250.00. Wyckoff's Market Rating: 7.0.
July silver futures bulls have the slight overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $34.015. The next downside price objective for the bears is closing prices below solid support at $31.00. First resistance is seen at the overnight high of $33.095 and then at this week’s high of $33.48. Next support is seen at the overnight low of $32.37 and then at $32.00. Wyckoff's Market Rating: 5.5.
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