(Kitco News) - Gold prices are modestly up and silver prices are solidly higher near midday Thursday. A slight downtick in trader/investor risk appetite is in the cards today and that is mildly supporting the safe-haven metals. President Trump on Wednesday ratcheted up his trade tariff rhetoric, including late Wednesday saying he’ll put a 50% tariff on all copper imports, beginning August 1. Trump also said the U.S. may slap 50% tariffs on Brazil. August gold was last up $7.10 at $3,328.00. September silver prices were last up $0.67 at $37.29.
U.S. stock indexes are mixed near midday, with bulls more nervous after Trump Wednesday sounded more hawkish on new U.S. trade tariffs. The key outside markets today see the U.S. dollar index modestly up. Nymex crude oil futures prices are solidly down and trading around $66.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.37%.
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 $3,340.00 and then at this week’s high of $3,355.60. First support is seen at today’s low of $3,319.20 and then at $3,300.00. 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 today’s high of $37.515 and then at $37.73. 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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