Gold prices are up but down from the session high in active midday U.S. trading at mid-week, following reports and rumors that President Trump was set to fire Fed Chairman Jerome Powell. Gold prices spiked to a gain of about $50.00 on the day on the rumor, but then backed well down when Trump, in a televised White House photo opportunity, said that while he is very concerned about Powell not cutting U.S. interest rates, Trump has no immediate intention of firing Powell. August gold was last up $22.40 at $3,359.10. September silver prices were last up $0.06 at $38.16.
In other news, the marketplace, including gold and silver, showed no big reactions to the morning U.S. producer price report that came in slightly lower than expected.
The key outside markets today see the U.S. dollar index lower. Nymex crude oil futures prices are weaker and trading around $66.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently a 4.481%.
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 this week’s high of $3,389.30 and then at $3,400.00. First support is seen at today’s low of $3,326.10 and then at $3,300.00. Wyckoff’s Market Rating: 7.0.
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 $37.75 and then at $37.50.
Source: Kitco
