(Kitco News) - Gold and silver prices are higher in early U.S. trading Friday, boosted in part by a sell off in the U.S. dollar index today. Higher crude oil prices and a slight dip in U.S. Treasury yields are also daily supportive elements for the precious metals. August gold was last up $16.80 at $3,362.20. September silver prices were last up $0.442 at $38.745.
Asian and European stocks were mostly firmer overnight. U.S. stock indexes are pointed to slightly higher openings and record highs today in New York. Reports David Morrison of Trade Nation in a morning email dispatch: “Investors are encouraged by the ongoing strength in corporate earnings. Robust quarterly results from several high-profile names have added to risk appetite, keeping the major indices on pace to finish the week in positive territory. Looking ahead, earnings will remain in focus today.”
The key outside markets today see the U.S. dollar index lower. Nymex crude oil futures are firmer and trading around $68.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.431%.
U.S. economic data due for release Friday includes new residential construction and the University of Michigan consumer sentiment survey.
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 the overnight low of $3,337.20 and then at this week’s low of $3,314.30. 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 $39.00 and then at this week’s high of $39.57. Next support is seen at the overnight low of $38.375 and then at $38.00. Wyckoff's Market Rating: 8.0.
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