(Kitco News) - Gold prices are lower and silver prices slightly down in early U.S. trading Thursday. The metals are seeing some selling pressure amid a solid gains in the U.S. dollar index today, and a slight rise in U.S. Treasury yields. August gold was last down $28.70 at $3,330.40. September silver prices were last down $0.034 at $38.085.
Asian and European stocks were mixed to firmer overnight. U.S. stock indexes are pointed to mixed openings today in New York. A quieter summertime trading atmosphere was jolted late Wednesday morning when reports surfaced the President Trump was going to fire Fed Chairman Powell. Stocks immediately slumped and gold prices jumped, but then Trump said he has no immediate plans to fire Powell. The markets settled right down. It appears Trump floated a trial balloon on getting rid of Powell and then had to backtrack when he saw the markets did not like that notion. The markets are in quieter summertime mode today, but a busy slate of U.S. economic data is due for release.
The key outside markets today see the U.S. dollar index higher. Nymex crude oil futures up a bit and trading around $66.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.459%.
U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey, retail sales, import and export price indexes, the NAHB housing market index, manufacturing and trade inventories, and Treasury international capital data.
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 the overnight high of $3,358.20 and then at this week’s high of $3,389.30. First support is seen at this week’s low of $3,326.10 and then at $3,300.00. Wyckoff's Market Rating: 6.5.
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 this week’s low of $37.75 and then at $37.50. Wyckoff's Market Rating: 7.5.
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