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Gold prices are solidly higher in early U.S. trading Thursday, as Wednesday’s sharp sell off has been met with bargain-hunting buying interest by the bulls. Weaker stock markets today are also slightly supportive for the safe-haven metals. August gold futures were last up $14.50 an ounce at $1,719.00. July Comex silver prices were last up $0.052 at $18.00 an ounce.
The just-released weekly jobless claims data showed 1.88 million in new claims, which was in line with market expectations. The marketplace got a pleasant surprise on Wednesday when the May ADP national employment report showed way less job-loss numbers than the marketplace expected. The U.S. Labor Department’s employment situation report for May is out Friday morning, expected to show non-farm payrolls down 8.3 million. In the April jobs report, there was a 20.5 million drop in non-farm payrolls.
Also in focus Thursday is the European Central Bank that held its regular monetary policy meeting. The ECB expanded its Euro bond-buying program by 600 billion Euros and said the program will last into June of 2021. The move by the ECB was expected. Meantime, Euro zone retail sales for April were reported down 11.7% from March and down 19.5%, year-on-year, it was reported today.
It’s a very lucrative & private industry, there are few chances to invest outside the Silicon Valley elite. This company recently went public & its sales are up 10X year over year with even bigger plans staged for 2021 Global stock markets were mixed to weaker in overnight trading. U.S. stock indexes are pointed toward lower openings when the New York day session begins, after hitting three-month highs on Wednesday.
The important outside markets see the U.S. dollar index higher early today on a corrective bounce after hitting an 11-week low Wednesday. Nymex crude oil prices are weaker and trading around $36.50 a barrel. The yield on the benchmark U.S. Treasury 10-year note is currently around 0.75%.
Other U.S. economic data due for release Thursday includes the Challenger job-cuts report, revised productivity and costs, the international trade report and monthly chain store sales data.
Technically, the gold bulls have the overall near-term technical advantage but a price uptrend on the daily bar chart is in serious jeopardy. Bulls’ next upside price objective is to produce a close in August futures above solid resistance at this week’s high of $1,761.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,668.40. First resistance is seen at $1,725.00 and then at Wednesday’s high of $1,738.90. First support is seen at $1,700.00 and then at this week’s low of $1,690.30. Wyckoff’s Market Rating: 7.0
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 the February high of $19.075 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $17.00. First resistance is seen at Wednesday’s high of $18.405 and then at $18.50. Next support is seen at this week’s low of $17.675 and then at $17.50. Wyckoff’s Market Rating: 7.0.
SOURCE: https://www.kitco.com/news/2020-06-04/Gold-prices-solidly-up-as-bulls-step-in-to-buy-the-dip.html
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