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(KITCO News) – Gold and silver prices were modestly lower in the US early trade Thursday, weighed down by the recent high fall in the US dollar index and crude oil prices. August gold prospects were $ 4.90 at $ 1,833.60. July Comex Silver Futures was $ 0.281 an ounce at $ 21.14.
Global stock markets blended overnight, European stocks plummeted, and Asian stocks soared. US stock indices point toward robust openings when the New York Day session begins. The focus on inflation seems to have pivoted the market until now as it focuses more on the US recession. Many commodity markets are heading for crude oil over the coming months on low demand anxiety. Federal Reserve President Powell’s comments to the Senate Committee on Wednesday did little to alleviate fears that the US economy would slip into recession in the coming months. Powell said it was challenging for the Fed to design a soft landing for the US economy amid the aggressive tightening of its monetary policy. Powell speaks to the US House Panel on Thursday.
In the nightly news, the June Production Purchasing Managers’ Index (PMI) for the Eurozone came in at 52.0 and 54.6 in May. The June PMI was forecast at 53.8.
The major outside markets today are Nimex crude oil prices and are trading at $ 105.75 a barrel. The US dollar index was strong in early trading. The yield on the 10-year US Treasury note is gaining 3.141%.
US economic data to be released Thursday includes the weekly unemployment claims report, the US Flash Manufacturing and Services Purchasing Manager’s Index, the Kansas City Fed Production Survey and the DOE Liquid Energy Stocks report.
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 futures prices to $ 1,800.00 above solid technical support. The first resistance is seen at $ 1,841.90 overnight and then at this week’s high of $ 1,850.30. The first support is found this week at a minimum of $ 1,824.50 and then at $ 1,815.00. Wyckoff’s market rating: 3.5
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 closing prices below solid support at a May low of $ 20.42. The first resistance is seen at $ 21.425 overnight high and then at Wednesday’s high of $ 21.675. The next support is found at $ 21.00 and then at the June low of $ 20.845. Wyckoff’s market rating: 2.5.
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