Asian and European stock markets were mixed in overnight trading. U.S. stock indexes are mixed at midday. The U.S. stock indexes this week have hit new highs for the year amid upbeat trader and investor attitudes. U.S. inflation is trending lower and the U.S. economy is not too hot and not too cold. The higher stock indexes are also a bearish element for the safe-haven gold and silver markets.
Gold and Silver bulls come to life: The past couple weeks have seen the gold and silver markets negate their near-term price downtrends on the daily charts and begin price uptrends. The eroding U.S. dollar index, easing inflation fears and a rally in crude oil prices are bullish elements for the precious metals that should continue to support sideways-to-higher price action into the end of summer.
Technically, August gold futures prices scored a mildly bearish outside day down on the daily bar chart today after hitting a six-week high early on. Bulls have the overall near-term technical advantage. Prices are in a three-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the June low of $1,900.60. First resistance is seen at today’s high of $1,989.80 and then at $2,000.00. First support is seen at Tuesday’s low of $1,958.10 and then at $1,950.00. Wyckoff’s Market Rating: 6.0.
