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Gold prices have fallen as the feeling of risk has improved slightly

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(Kitco News) – Gold and silver prices were weak in early US trading Friday, with silver hitting a six-week low. Safe-haven metals are looking at some sales pressure because risk appetite increased modestly this week. US stock indices are ready to close at their weekly high today as they retain their overnight gains. August gold futures were $ 5.00 lower at $ 1,824.80. July Comex Silver Futures was $ 0.192 at $ 20.865 an ounce.

Global stock markets are up all night. US stock indices point toward robust openings when the New York Day session begins.

The narrative in the market has changed this week from rising and problematic inflation, to a sluggish major economy that could slip into recession. This week’s big downturn in the future prices of crude commodities, including crude oil and led by it, is a hint that inflationary pressures may be high. The rising likelihood of recessions in major global economies has prompted commodity traders to calculate that commodity demand will weaken in the coming months. Fed President Jerome Powell gave some comfort to lawmakers in his comments to Congress this week, a market worried about the US recession.

The major outside markets today are Nimex, where crude oil prices are high and trading at around $ 106.20 per barrel. Looking ahead to next year, January crude oil futures are currently trading at $ 94.00 per barrel — hinting at slowing demand due to sluggish economies. The US dollar index was weak in early trading. The yield on the 10-year US Treasury note is gaining 3.057%.

US economic data to be released Friday includes new residential sales and a consumer sentiment survey at the University of Michigan.

Live 24 hour gold chart [Kitco Inc.]

Technically, the August Gold Futures Bears have an overall near-term technical advantage. The Bulls’ next upward price objective is to produce a maturity on solid futures in June futures at $ 1,882.50. The Bears’ next near-term downward price objective is pushing future prices to $ 1,800.00 above solid technical support. The first resistance is seen at $ 1,833.70 overnight and later this week at $ 1,850.30. The first support is found at $ 1,815.00 and then the June low of $ 1,806.10. Wyckoff’s market rating: 3.0

Live 24 hour silver chart [ Kitco Inc. ]

July Silver Futures Bears have a solid overall near-term technical advantage. Silver Bulls’ next upward price objective is closing prices on solid technical resistance at $ 22,565 an ounce in June. The next downside price objective for the Bears is to close prices below solid support for as low as $ 20.42. The first resistance is seen at $ 21.125 overnight and then $ 21.50. The next support is seen at the night low of $ 20.735 and then the May low of $ 20.42. Wyckoff’s market rating: 2.0.

Disclaimer: The opinions expressed in this article are those of the authors and may not be reflected Kitco Metals Inc. The authors have made every effort to ensure the accuracy of the information provided; However, Kitco Metals Inc. Nor does the author guarantee such accuracy. This article is strictly for informational purposes only. It does not appeal to any exchange in goods, securities or other financial instruments. Kitco Metals Inc. And the authors of this article do not accept the offense for damages and / or damages caused by the use of this publication.

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