(Kitco News) - Gold and silver prices are slightly lower in early U.S. trading Thursday. However, selling pressure is being limited as risk appetite in the general marketplace has receded late this week. June gold was last down $2.90 at $3,185.40. July silver prices were last down $0.119 at $32.325.
Asian and European stock markets were mixed to weaker in overnight trading. U.S. stock indexes are pointed to weaker openings today in New York.
Said David Morrison with Trade Nation today in an email dispatch: “It now feels as if the market is in limbo. There’s still a lack of clarity surrounding the Trump administration’s trade policies and this has created a feeling of uncertainty over the global economic outlook. All eyes are now focused on talks between the U.S. and other trading partners such as Japan, India and South Korea. Meanwhile, there are concerns about the extent of damage that may have already been done since President Trump announced his program of reciprocal tariffs early last month.”
The key outside markets today see the U.S. dollar index weaker. Nymex crude oil futures prices are sharply lower and trading around $61.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.513%.
A very busy U.S. economic data dump Thursday includes the weekly jobless claims report, the producer price index, the Empire State manufacturing survey, the Philadelphia Fed business survey, retail sales, industrial production and capacity utilization, manufacturing and trade inventories, the NAHB housing market index. Fed Chair Powell is also slated to speak today.
Technically, June gold futures bulls and bears are on a level overall near-term technical playing field but the bulls are fading. Bulls’ next upside price objective is to produce a close above solid resistance at $3,300.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $3,100.00. First resistance is seen at the overnight high of $3,195.60 and then at $3,200.00. First support is seen at $3,150.00 and then at the overnight low of $3,123.30. Wyckoff's Market Rating: 5.0.
July silver futures bulls and bears are on a level overall near-term technical playing field. Silver bulls' next upside price objective is closing prices above solid technical resistance at $33.48. The next downside price objective for the bears is closing prices below solid support at $31.00. First resistance is seen at $32.50 and then at $33.00. Next support is seen at $32.00 and then at the overnight low of $31.78. Wyckoff's Market Rating: 5.0.
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