(Kitco News) - Gold and silver prices are lower in midday U.S. trading Tuesday. Featured in a quieter summertime trading atmosphere is weak-handed long liquidation from the shorter-term futures traders. Gold and silver market bulls need a new fundamental spark to ignite fresh upside price action. August gold was last down $34.50 at $3,308.10. September silver prices were last down $0.299 at $36.605.
Risk appetite has receded a bit Tuesday after President Trump on Monday slapped additional tariffs on Japan and South Korea. Trump also sent letters to more than a dozen countries, threatening tariffs of between 25% and 40%. Trump also delayed until Aug. 1 the deadline for countries to make a trade deal with the U.S.
The key outside markets today see the U.S. dollar index slightly up. Nymex crude oil futures prices are firmer and trading around $68.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.421%.
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 today’s high of $3,355.60 and then at last week’s high of $3,376.90. First support is seen at today’s low of $3,295.40 and then at the June low of $3,250.50. 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 this week’s high of $37.435. Next support is seen at this week’s low of $36.325 and then at $36.00. Wyckoff's Market Rating: 7.0.
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