(Kitco News) – Gold and silver prices are seeing mild selling pressure Tuesday morning, on routine corrective price pullbacks after the strong gains posted Monday. There is still some risk aversion in the marketplace, which will limit selling interest in the safe-haven metals. August gold was last down $15.00 at $3,382.20. July silver prices were last down $0.249 at $34.445.
Asian and European stocks were mixed but mostly lower overnight. U.S. stock indexes are pointed to weaker openings today in New York. The U.S. and China trade barbs with each other, regarding their trade policies, still has traders and investors skittish.
In overnight news, the OECD think tank lowered its 2025 global economic growth forecast to 2.9% from 3.1%. The OECD said global economic growth will be further eroded if more trade tariffs are levied. The think tank also forecast no U.S. interest rate changes this year.
The key outside markets today see the U.S. dollar index firmer. Nymex crude oil futures prices are a bit higher and trading around $62.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.422%.
U.S. economic data due for release Tuesday includes the weekly Johnson Redbook retail sales report, the RCM/TIPP economic optimism index, manufacturers’ shipments and inventories, the JOLTS survey, domestic auto industry sales and the global manufacturing PMI.
Technically, August gold futures bulls have the firm overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,450.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $3,200.00. First resistance is seen at the $3,395.30 and then at $3,400.00. First support is seen at $3,350.00 and then at the overnight low of $3,319.40. Wyckoff’s Market Rating: 7.0.
July silver futures bulls have the firm overall near-term technical advantage after seeing a bullish upside “breakout” from a trading range on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the March high of $35.80. The next downside price objective for the bears is closing prices below solid support at last week’s low of $32.80. First resistance is seen at this week’s high of $34.945 and then at $35.00. Next support is seen at $34.00 and then at $33.50. Wyckoff’s Market Rating: 7.0.
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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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