(Kitco News) - Gold prices are modestly lower and silver prices slightly up in midday U.S. trading Thursday. The metals are seeing buying interest limited amid gains in the U.S. dollar index and the U.S. stock indexes today. Some profit-taking pressure from the shorter-term futures traders is also featured in quieter summertime trading. August gold was last down $15.20 at $3,343.90. September silver prices were last down $0.131 at $38.245.
Some improved trader/investor risk appetite today is a negative for the safe-haven metals.
The other key outside markets today see Nymex crude oil futures up and trading around $67.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.45%.
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 today’s low of $3,314.30 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 today’s low of $37.685 and then at $37.50. Wyckoff's Market Rating: 7.5
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