(Kitco News) - Gold and silver prices are lower and hit two-week lows near midday Tuesday, with silver posting solid losses. Chart-based selling from the shorter-term futures traders is featured in both metals today. Position evening is also seen in gold and silver ahead of a major central bank confab in the western U.S. later in the week. December gold was last down $8.60 at $3,369.60. September silver prices were down $0.604 at $37.42.
Traders and investors are awaiting the key Kansas City Federal Reserve annual Economic Policy Symposium that begins Thursday evening in Jackson Hole, Wyoming. Fed Chairman Jerome Powell on Friday is expected to unveil the Fed's new policy framework at the confab. Powell's speech could give the marketplace a new update on how much support there is to lower U.S. interest rates in September.
Global stock markets were mixed overnight. U.S. stock indexes are set to open a bit weaker when the New York day session begins.
The key outside markets today see the U.S. dollar index slightly near steady, with crude oil prices down and trading around $62.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.3%.
Technically, December gold futures bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,500.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the July low of $3,319.20. First resistance is seen at this week’s high of $3,403.60 and then at $3,423.80. First support is seen at $3,350.00 and then at $3,319.20. Wyckoff's Market Rating: 6.5.
September silver futures bulls have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the July high of $39.91. The next downside price objective for the bears is closing prices below solid support at the July low of $36.28. First resistance is seen at $33.00 and then at this week’s high of $33.34. Next support is seen at $37.25 and then at $37.00. Wyckoff's Market Rating: 6.5.
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