(Kitco News) – Gold and silver prices are a bit higher in quieter early U.S. trading Wednesday. The two precious metals are pausing ahead of a major U.S. economic report on Thursday. August gold was last up $2.40 at $3,352.20. September silver prices were last up $0.058 at $36.455.
Traders are starting to look ahead to what is arguably the most important U.S. data point of the month—the June employment situation report from the Labor Department on Thursday (out one day early due to the Fourth of July holiday Friday). The key non-farm payrolls number is seen coming in at up 110,000 versus a rise of 139,000 in the May report.
Asian and European stocks were mixed overnight. U.S. stock indexes are pointed to mixed openings today in New York. Focus of the marketplace is moving back to global trade and specifically U.S. trade deals as a U.S.-imposed deadline of July 9 approaches for some countries to make a deal. Reads a Wall Street Journal headline today: “Trade deals prove hard to strike.”
The key outside markets today see the U.S. dollar index slightly up. Nymex crude oil futures prices are firmer and trading around $66.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.287%.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the ADP national employment report, the Challenger job-cuts report and the weekly DOE liquid energy stocks 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 $3,200.00. First resistance is seen at this week’s high of $3,370.50 and then at $3,400.00. First support is seen at the overnight low of $3,337.20 and then at Tuesday’s low of $3,313.70. Wyckoff’s Market Rating: 6.5
September silver futures bulls have the overall near-term technical advantage but trading has turned choppy and sideways at higher levels recently. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the June high of $37.73. The next downside price objective for the bears is closing prices below solid support at $35.00. First resistance is seen at $37.00 and then at $37.50. Next support is seen at $36.00 and then at last week’s low of $35.535. Wyckoff’s Market Rating: 7.0
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York. As a journalist, he has covered every futures market traded in the U.S., at one time or another.
Jim is the proprietor of the “Jim Wyckoff on the Markets” analytical, educational and trading advisory service. Jim also worked as a technical analyst for Dow Jones Newswires and as the senior market analyst with TraderPlanet.com. Jim is also a consultant with the highly respected “Pro Farmer” agricultural advisory service. Jim was also the head equities analyst at CapitalistEdge.com. He received his degree from Iowa State University in Ames, Iowa, where he studied journalism and economics.
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