(Kitco News) - Gold and silver prices are up a bit in early U.S. trading Tuesday. At mid-week it’s a lackluster marketplace, which is not surprising for mid-summer. August gold was last up $9.40 at $3,346.10. September silver prices were last up $0.165 at $38.275.
Asian and European stocks were mixed overnight. U.S. stock indexes are pointed to mixed openings today in New York, amid quieter summertime trading.
The key outside markets today see the U.S. dollar index slightly down. Nymex crude oil futures prices are weaker and trading around $66.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.477%.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the producer price index report, industrial production and capacity utilization, the Federal Reserve’s beige book and the weekly DOE liquid energy stocks report.
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 the June low of $3,250.50. First resistance is seen at $3,375.00 and then at this week’s high of $3,389.30. First support is seen at this week’s low of $3,327.30 and then at $3,300.00. Wyckoff's Market Rating: 7.0
September silver futures bulls have the solid overall near-term technical advantage. Prices are in an uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $40.00. The next downside price objective for the bears is closing prices below solid support at $36.00. First resistance is seen at Tuesday’s high of $38.74 and then at $39.00. Next support is seen at Tuesday’s low of $37.895 and then at $37.50. Wyckoff's Market Rating: 7.5
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