(Kitco News) – are once again modestly lower in early U.S. trading Friday. Keener risk appetite in the marketplace recently is keeping demand away from the safe-haven metals.
And a strong U.S. dollar continues to limit the upside in gold and silver.were last down $1.80 an ounce at $1,287.60. was last down $0.031 at $16.45 an ounce.
World stock markets were mixed in uneventful trading overnight. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. The relatively upbeat trader and investor attitudes in the market place continue to support buying interest in equities.
A feature in the marketplace this week is rising world government bond yields. The U.S. 10-year Treasury note is yielding above 3.0%. The rise in U.S. Treasury yields (falling prices) is a bit surprising, given some geopolitical storm clouds on the horizon.
The key “outside markets” today findhigher and trading above $71.00 a barrel. Meantime, the is slightly higher and hit another five-month high overnight.
There is no major U.S. economic data due for release Friday.
Technically,bears have the overall near-term technical advantage. Gold bulls’ next upside near-term price breakout objective is to produce a close above what is now solid technical resistance at $1,300.00. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at the December low of $1,247.20. First resistance is seen at $1,294.00 and then at $1,300.00. First support is seen at this week’s low of $1,284.00 and then at $1,280.00. Wyckoff’s Market Rating: 3.5
bears have the overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $16.865 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.00. First resistance is seen at $16.565 and then at this week’s high of $16.76. Next support is seen at $16.335 and then at this week’s low of $16.19. Wyckoff’s Market Rating: 3.0.
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