(Kitco News) - Gold and silver prices are slightly lower Wednesday morning, on pauses ahead of a heavier slate of U.S. economic data releases to end the trading week. Risk appetite in the general marketplace is still far from robust, which will continue to limit selling interest in the safe-haven metals. August gold was last down $6.70 at $3,370.40. July silver prices were last down $0.113 at $34.52.
Asian and European stocks were mixed overnight. U.S. stock indexes are pointed to slightly higher openings today in New York. The general marketplace is still pensive amid the U.S.-China trade war that presently is showing no signs of letting up. President Trump posted on social media late Tuesday that Chinese President Xi Jinping is “extremely hard to make a deal with.”
The key outside markets today see the U.S. dollar index near steady. Nymex crude oil futures prices are near steady and trading around $63.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.452%.
Traders and investors are awaiting what is arguably the most important U.S. data point of the month: Friday morning’s May employment situation report from the Labor Department. The key non-farm payrolls number is seen up 125,000 jobs, compared to a rise of 177,000 in the April report.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the ADP national employment report, the U.S. services PMI, the ISM report on business services, the Federal Reserve beige book and the weekly DOE liquid energy stocks report.
Technically, August gold futures bulls have the firm overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,450.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $3,200.00. First resistance is seen at the $3,400.00 and then at this week’s high of $3,417.80. First support is seen at $3,350.00 and then at this week’s low of $3,319.40. Wyckoff's Market Rating: 7.0.
July silver futures bulls have the firm overall near-term technical advantage after seeing a bullish upside “breakout” from a trading range on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the March high of $35.80. The next downside price objective for the bears is closing prices below solid support at last week’s low of $32.80. First resistance is seen at this week’s high of $34.945 and then at $35.00. Next support is seen at Tuesday’s low of $34.165 and then at $34.00. Wyckoff's Market Rating: 7.0.
(Hey! My “Markets Front Burner” weekly email report is my best writing and analysis, I think, because I get to look ahead at the marketplace and do some market price forecasting. Plus, I’ll throw in an educational feature to move you up the ladder of trading/investing success. And it’s free! Sign up here; it’s real easy. https://www.kitco.com/services
