(Kitco News,Tues. July 18th, 2023) – Gold prices are up and hit a four-week high in early U.S. trading Tuesday. Silver prices are slightly up. Several mildly bullish elements are working in favor of the precious metals market bulls today, including a weaker U.S. dollar index, firmer crude oil prices and a dip in U.S. Treasury yields. The charts have also recently become friendlier for the gold and silver market bulls. August gold was last up $12.90 at $1,969.30 and September silver was up $0.082 at $25.10.
Asian and European stock markets were mixed in quieter overnight trading. U.S. stock indexes are pointed toward mixed openings when the New York day session begins. The U.S. stock index bulls are enjoying price uptrends in place on the daily bar charts, with prices hovering near their recent highs for the year scored on Monday.
The U.S. economic data point of the day Tuesday is the retail sales report for June, which is seen up 0.5% month-on-month and compares to a rise of 0.3% in the May report.
The key outside markets today see the U.S. dollar index slightly lower. Meantime, Nymex crude oil prices are slightly up trading around $74.50 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 3.762%.
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Gold prices are stuck at $1,950 for now but can still end the year at $2,000 – Commerzbank |
U.S. economic data due for release Tuesday includes the weekly Johnson Redbook retail sales report, retail sales, industrial production and capacity utilization, the NAHB housing index, manufacturing and trade inventories, and Treasury international capital data.
Gold Price in US Dollars
Jul 18, 2023 11:56 NY Time
Bid
1,978.20
+23.70 (+1.21%)
Ask
1,979.20
Technically, the gold futures bulls have gained the slight overall near-term technical advantage. Prices are in a fledgling uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in August futures above solid resistance at $2,000.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at the overnight high of $1,976.00 and then at $1,985.00. First support is seen at the overnight low of $1,958.10 and then at $1,950.00. Wyckoff’s Market Rating: 5.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
The silver bulls have the firm overall near-term technical advantage. A three-week-old uptrend is in place on the daily bar chart. Silver bulls’ next upside price objective is closing September futures prices above solid technical resistance at the April high of $26.645. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at the overnight high of $25.28 and then at $25.50. Next support is seen at this week’s low of $24.815 and then at $24.31.
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com