(Kitco News) - Gold prices have traded both sides of unchanged and were posting slight losses just before midday Wednesday. Precious metals traders are awaiting the early-afternoon release of the minutes from the last meeting of the Federal Reserve’s Open Market Committee (FOMC). June gold was last down $3.40 at $3,297.20. July silver prices were last down $0.116 at $33.19.
U.S. stock indexes are modestly down near midday, 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. Such has limited the upside in the safe-haven metals.
The key outside markets today see the U.S. dollar index firmer. Nymex crude oil futures prices are higher and trading around $61.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.489%.
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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