SPOT MARKET IS OPEN (WILL CLOSE IN 5 HRS. 57 MINS. )
Live Spot Gold
Bid/Ask
2,328.402,329.40
Low/High
2,327.402,369.80
Change
-31.20-1.32%
30daychg
-61.90-2.59%
1yearchg
+412.90+21.56%
Silver Price & PGMs
Asian and European stock indexes were mostly weaker overnight. U.S. stock indexes are pointed toward weaker openings when the New York day session begins. Angus Campbell of TradeNation reported in an email dispatch this morning that Thursday’s NVIDIA-led sell-off in the U.S. stock indexes spilled over into selling in Asia and Europe. European stock indexes also sold off following end-of-week disappointing flash manufacturing and services purchasing managers indexes (PMI) from across the Eurozone. “There wasn’t a single reading that managed to beat expectations or that came in above last month’s numbers,” said Campbell.
The key outside markets today see the U.S. dollar index firmer. Nymex crude oil prices are near steady and trading around $81.25 a barrel after hitting a seven-week high Thursday. The benchmark 10-year U.S. Treasury note yield is presently 4.24%.
U.S. economic data due for release Friday includes the U.S. flash and services purchasing managers indexes (PMI), existing home sales and leading economic indicators.
Technically, August gold bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at the June high of $2,406.70. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the June low of $2,304.20. First resistance is seen at $2,390.00 and then at $2,400.00. First support is seen at the overnight low of $2,368.60 and then at $2,300.00.
July silver futures bulls have the firm overall near-term technical advantage. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $31.67. The next downside price objective for the bears is closing prices below solid support at the June low of $28.73. First resistance is seen at today’s high of $30.905 and then at $31.00. Next support is seen at the overnight low of $30.28 and then at $30.00.
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com