Gold and silver prices are higher in early U.S. trading Monday, with silver scoring a nearly 14-year high. There is keener risk aversion in the general marketplace early this week that is supporting the safe-haven metals. August gold was last up $7.50 at $3,371.50. September silver prices were last up $0.38 at $39.335.
Risk aversion is elevated to start the trading week, following the Trump administration’s renewed hawkish tone on trade tariffs against other nations. The Trump administration has sent out notifications to U.S. trading partners recently, threatening import tariffs mostly in the 20% to 30% range. The European Union was notified over the weekend it is looking at a 30% tariff. Mexico and Canada are reported to face 30% and 35% tariffs, respectively.
Asian and European stocks were mixed to weaker overnight. U.S. stock indexes are pointed to lower openings today in New York.
The key outside markets today see the U.S. dollar index slightly down. Nymex crude oil futures prices are firmer and trading around $69.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.42%.
In overnight news, China reported its exports grew at a faster rate in June, at up 5.8%, year-on-year, versus a rise of 4.8% in May. China’s imports rose 1.1% in June compared to a decline of 3.4% in May.
There is no major U.S. economic data due for release Monday. But the pace picks up Tuesday with the data point of the week: the consumer price index report for June, which is seen coming in at up 2.7%, year-on-year, compared to up 2.4% in the May report.
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 $3,389.30 and then at $3,400.00. First support is seen at the overnight low of $3,367.00 and then at $3,350.00.
-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 $3,389.30 and then at $3,400.00. First support is seen at the overnight low of $3,367.00 and then at $3,350.00. Wyckoff’s Market Rating: 7.0.
September silver futures bulls have the solid overall near-term technical advantage. 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 the overnight high of $39.57 and then at $40.00.
Source: Kitco
