Gold and Silver Prices Steady Before Busy US Data Week
Gold and silver prices have remained steady in early US trading on Friday, with August gold up by $1.60 at $1,980.20 and July silver up by $0.097 at $24.445. With next week’s busy data releases including inflation reports and the FOMC meeting, the precious metals appear to be pausing. Market watchers anticipate a pause in the Federal Reserve’s interest-rate-tightening cycle, although many now think the US central bank may follow the Bank of Canada’s recent moves.
Next Week’s Key Events
Next week sees the much-anticipated FOMC meeting with the Fed Chairman, Powell, providing a statement and press conference. Also scheduled are the consumer price index and producer price index, on Tuesday and Wednesday, respectively. Major central banks of the world are taming problematic inflation.
Stock Markets Worldwide
Asia and Europe’s stock markets were mixed to firmer overnight, while US stock indexes are pointed towards weaker openings when the New York day session begins.
Oil Prices Remain Stable, US Dollar Index Firmer
In the key outside markets, Nymex crude oil prices remain near steady and trading around $71.25 a barrel. The benchmark 10-year US Treasury note yield is presently fetching 3.755%, while crude oil prices briefly dropped sharply on Thursday before recovering. Meanwhile, the US dollar index is firmer.
Technical Analysis
The gold futures bulls have the overall near-term technical advantage, and their next upside price objective is closing in August futures above solid resistance at $2,000.00. The bears’ next near-term downside price objective is pushing futures prices below solid technical support at the May low of $1,949.60. Similarly, the silver bulls have gained the overall near-term technical advantage, and their next upside price objective is closing July futures prices above solid technical resistance at $25.00.
