(Kitco News) - Gold prices are near steady and silver prices a bit lower in afternoon U.S. trading Wednesday. Less risk aversion in a quieter, summertime trading atmosphere at present is limiting buying interest in the safe-haven metals. Gold and silver markets bulls need a new spark to ignite price rallies. August gold was last up $1.00 at $3,317.90. September silver prices were last down $0.219 at $36.535.
The just-released U.S. data point of the day saw the minutes from the last FOMC meeting of the Federal Reserve showed no big surprises. The minutes said the FOMC members do expect to lower U.S. interest rates this year, but said there are higher inflation risks due to the U.S. trade and tariffs uncertainty.
The key outside markets today see the U.S. dollar index slightly up. Nymex crude oil futures prices are slightly up and trading around $68.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.35%.
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 $3,323.60 and then at this week’s high of $3,355.60. First support is seen at the overnight low of $3,290.20 and then at $3,275.00. 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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