Gold and silver prices recently hit a low, with gold touching a 3.5-month low in early U.S. trading Thursday. Amid quieter summertime trading and no fresh, markets-moving news events, technical-based traders were focused on the bearish near-term charts for gold and silver.
Market Trend during U.S. Trading Thursday
August gold was reportedly down by $4.50 at $1,917.70, whereas July silver was down by $0.039 at $22.85. Asian and European stock markets showcased a mixed to weaker outcome in the less-active overnight trading. U.S. stock indexes were inclined towards firmer openings when the New York day session began. Incidentally, Sweden’s central bank had raised its main interest rate by 0.25%, boosting it to 3.75%.
External Key Markets Status
The key outside markets saw the U.S. dollar index slightly up. The U. S. economic due for release Thursday included data on weekly jobless claims, the third estimate of the first-quarter GDP, and pending home sales. Simultaneously, Nymex crude oil prices hovered around $69.50 a barrel, remaining fairly steady, and the benchmark 10-year U.S. Treasury note yield fetched around 3.749%.
Outlook for Gold and Silver Prices
The gold futures bears were noted to have the overall near-term technical advantage. A downturn that has lasted for six weeks is in place on the daily bar chart for gold. The same scenario exists for silver as well. This report implies the fact that gold and silver prices might undergo significant changes in their trends based on overall financial market conditions.