Gold prices are moderately lower in early U.S. trading Wednesday, pressured by improved trader and investor risk appetite in the general marketplace so far this week. Silver prices are near steady. June gold was last down $17.80 at $3,230.00. July silver prices were last down $0.035 at $33.065.
Asian and European stock markets were mixed in quieter overnight trading. U.S. stock indexes are pointed to near steady openings today in New York. Risk appetite has improved this week on signs of a thawing in the U.S. China cold war on trade. Both countries have this week eased some of their trade duties on each other. Tuesday’s tame U.S. consumer price index also assuaged traders and investors. The U.S. producer price index for April is due out Thursday morning.
The key outside markets today see the U.S. dollar index lower. Nymex crude oil futures prices are lower and trading around $63.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.457%.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey and the weekly DOE liquid energy stocks report.
Technically, June gold futures bulls and bears are on a level overall near-term technical playing field. Bulls’ next upside price objective is to produce a close above solid resistance at $3,350.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $3,200.00. First resistance is seen at Tuesday’s high of $3,270.40 and then at $3,300.00. First support is seen at the overnight low of $3,225.20 and then at the May low of $3,209.40. Wyckoff’s Market Rating: 5.0.
July silver futures bulls have the slight overall near-term technical advantage. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $34.015. The next downside price objective for the bears is closing prices below solid support at $31.00. First resistance is seen at last week’s high of $33.48 and then at $34.015. Next support is seen at the overnight low of $32.73 and then at $32.50. Wyckoff’s Market Rating: 5.5.
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Source: Jim Wyckoff Kitco
