(Kitco News) – Gold and silver prices are solidly higher in early U.S. trading Friday, with silver notching a 13-year high. More risk aversion in the general marketplace late this week is supporting the safe-haven metals. August gold was last up $33.60 at $3,359.30. September silver prices were last up $1.03 at $38.335.
Risk aversion is on the rise late this week as the U.S. ratchets up its trade tariff threats against other countries, as U.S.-Russia tensions are on the rise, and as the Middle East situation may be becoming a bit more unstable.
Asian and European stocks were mixed 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 up. Nymex crude oil futures prices are firmer and trading around $67.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.391%.
U.S. economic data due for release Friday includes the monthly USDA supply and demand report for grains, and the monthly Treasury budget statement.
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 $3,376.90 and then at $3,400.00. First support is seen at the overnight low of $3,332.30 and then at $3,300.00. Wyckoff’s Market Rating: 6.5
September silver futures bulls have the solid overall near-term technical advantage and have gained fresh power late this week. Prices have seen a bullish upside breakout from a sideways trading range at higher levels. 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 $38.485 and then at $39.00. Next support is seen at $38.00 and then at the overnight low of $37.51. Wyckoff’s Market Rating: 8.5
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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