(Kitco News) - Gold and silver prices are firmer in uneventful midday U.S. trading Wednesday. Traders of the two precious metals are awaiting a major U.S. economic report on Thursday morning. August gold was last up $7.70 at $3,357.50. September silver prices were last up $0.293 at $36.69.
Thursday morning comes what is arguably the most important U.S. data point of the month—the June employment situation report from the Labor Department (out one day early due to the U.S. Fourth of July holiday Friday). The key non-farm payrolls number is seen coming in at up 110,000 versus a rise of 139,000 in the May report.
Focus of the marketplace is moving back to global trade and specifically U.S. trade deals as a U.S.-imposed deadline of July 9 approaches for some countries to make a deal. Reads a Wall Street Journal headline today: “Trade deals prove hard to strike.”
The key outside markets today see the U.S. dollar index slightly up. Nymex crude oil futures prices are higher and trading around $66.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.3%.
Technically, August 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 $3,200.00. First resistance is seen at this week’s high of $3,370.50 and then at $3,400.00. First support is seen at the overnight low of $3,337.20 and then at Tuesday’s low of $3,313.70. Wyckoff's Market Rating: 6.5
September silver futures bulls have the overall near-term technical advantage but trading has turned choppy and sideways at higher levels recently. Silver bulls' next upside price objective is closing prices above solid technical resistance at the June high of $37.73. The next downside price objective for the bears is closing prices below solid support at $35.00. First resistance is seen at $37.00 and then at $37.50. Next support is seen at $36.00 and then at last week’s low of $35.535. 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
