(Kitco News, Fri. July 21st, 2023) – Gold prices are modestly down in more quiet summertime trading early Friday. A solid rebound in the U.S. dollar index this week is a bearish outside market element for the precious metals markets. August gold was last down $5.60 at $1,965.30 and September silverwas up $0.008 at $24.97.
Asian and European stock markets were mixed in quieter overnight trading. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. The U.S. stock indexes this week hit new highs for the year amid upbeat trader and investor attitudes. There was no major, markets-moving news overnight.
The key outside markets today see the U.S. dollar index firmer, to continue this week’s solid rebound. Meantime, Nymex crude oil prices are higher and trading around $76.50 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 3.849%.
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There is no major U.S. economic data due for release Friday.
Live Gold Price
Technically, the gold futures bulls have 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 $1,975.90 and then at this week’s high of $1,989.80. First support is seen at this week’s 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 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 this week’s high of $25.475 and then at $26.00. Next support is seen at this week’s low of $24.815 and then at $24.50.
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com