(Kitco News) - Gold prices are posting modest gains in early U.S. trading Wednesday, while silver prices are slightly up. Trader and investor risk appetites have improved recently, which is limiting buying interest in the safe-haven metals. June gold was last up $8.50 at $3,308.90. July silver prices were last up $0.034 at $33.345.
The U.S. data point of the day will be the afternoon release of the minutes from the last meeting of the Federal Reserve’s Open Market Committee (FOMC).
Asian and European stock markets were mixed in overnight trading. U.S. stock indexes are pointed to slightly higher openings today in New York, after posting strong gains Tuesday. Trader and investor risk appetite has improved recently, as the U.S. has taken a more conciliatory tone on its trade relations with other major economies.
The key outside markets today see the U.S. dollar index slightly higher. Nymex crude oil futures prices are firmer and trading around $61.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.467%.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the Johnson Redbook weekly retail sales report, the Richmond Fed business survey, and the Federal Reserve’s FOMC minutes from the last meeting.
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 $3,400.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the May low of $3,123.30. First resistance is seen at the overnight high of $3,324.50 and then at $3,350.00. First support is seen at the overnight low of $3,289.90 and then at $3,275.00. Wyckoff's Market Rating: 6.5.
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 the May low of $31.78. First resistance is seen at this week’s high of $33.745 and then at $34.015. Next support is seen at $33.00 and then at this week’s low of $32.88. Wyckoff's Market Rating: 5.5.
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