(Kitco News) – Gold prices are modestly up and silver prices slightly higher in early U.S. trading Thursday. Both precious metals continue to see a trickle of
safe-haven buying as the marketplace is pensive late this week on
geopolitical concerns. June gold was last up $7.60 at $2,396.00. May
silver was last up $0.075 at $28.475.
There have been no major developments the in the Iran-Israel hostilities the past few days, following last week’s barrage of missile and drone strikes by Iran against Israel. Still, come Friday, it’s likely traders and investors will be positioning for a very uncertain weekend on the Middle East front.
Asian and European stock indexes were mixed to firmer overnight. U.S. stock indexes are pointed to toward firmer openings when the New York day session begins. The U.S. stock index bulls have lost steam the past couple weeks. Price uptrends on the daily bar charts have been negated. Traders and investors are reminded of the old market saying, “Sell in May and go away” until after Labor Day.
The key outside markets today see the U.S. dollar index slightly lower on a corrective pullback after hitting a 5.5-month high on Tuesday. Nymex crude oil prices are lower and trading around $81.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching 4.58%.
U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey, existing home sales, and leading economic indicators.
Technically, the gold futures bulls have a strong overall near-term technical advantage. A two-month-old uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at $2,500.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $2,300.00. First resistance is seen at this week’s high of $2,414.80 and then at $2,425.00. First support is seen at the overnight low of $2,377.20 and then at Wednesday’s low of $2,370.70. Wyckoff’s Market Rating: 9.0.
The silver bulls have a strong overall near-term technical advantage. Prices are in a two-month-old uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing May futures prices above solid technical resistance at $30.00. The next downside price objective for the bears is closing prices below solid support at $26.00. First resistance is seen at this week’s high of $29.10 and then at $29.50. Next support is seen at $28.00 and then at this week’s low of $27.665. Wyckoff’s Market Rating: 8.5.
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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.