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(Kitco News) – Gold and silver prices are higher in early U.S. trading Tuesday, supported by rising crude oil prices that hit a nine-week high today, and sharp daily losses in the U.S. dollar index. The bears in both markets appear to have run out of gas after their recent downside campaign. Short covering in the futures markets is featured today. June gold futures were last up $18.90 at $1,832.40. July Comex silver futures were last up $0.209 at $21.755 an ounce.

Global stock markets were mostly higher overnight. U.S. stock indexes are pointed toward solidly higher openings when the New York day session begins. The marketplace is more upbeat Tuesday on reports China will start to ease its lockdowns in major cities, including Hong Kong and Shanghai.

The marketplace will be watching a scheduled Wall Street Journal interview with Fed Chairman Jerome Powell this afternoon. Traders and investors will be keen to see if Powell remarks on timing aspects of Fed monetary policy and/or inflation, as well as the prospect of the U.S. economy entering a recession.

In overnight news, the Eurozone economy grew by 0.3% in the first quarter and GDP was up 5.1%, year-on-year. Those numbers were slightly better than expected.

Gold and silver see more price pressure as the U.S. dollar soars

The key outside markets today see Nymex crude oil futures prices firmer, at a nine-week high, and trading around $115.00 a barrel. Meantime, the U.S. dollar index is lower in early trading. The yield on the 10-year U.S. Treasury note is fetching 2.915%.

A busy U.S. economic data release day Tuesday includes the weekly Johnson Redbook and chain store retail reports, retail sales, industrial production, and capacity utilization, the NAHB housing market index, and manufacturing and trade inventories.

Technically, the June gold futures bears still have the firm overall near-term technical advantage but they may have run out of gas. A two-month-old downtrend is still in place on the daily bar chart. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at $1,875.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at this week’s low of $1,785.00. First resistance is seen at the overnight high of $1,834.80 and then at $1,850.00. First support is seen at the overnight low of $1,820.90 and then at $1,800.00. Wyckoff’s Market Rating: 3.0

Gold and silver see price declines amid a rally in global stock markets

July silver futures bears have a solid overall near-term technical advantage. Prices are still in a downtrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $23.00 an ounce. The next downside price objective for the bears is closing prices below solid support at the May low of $20.42. First resistance is seen at $22.00 and then at $22.50. Next support is seen at the overnight low of $21.56 and then at $21.00. Wyckoff’s Market Rating: 2.5

Kitco News) – Gold and silver prices are posting more losses in early U.S. trading Wednesday, pressured in part by a very strong U.S. dollar index that overnight hit a 20-year high. Bearish charts are also keeping the technically based bears active on the sell-side in the futures markets. Weaker crude oil prices on this day are also working in favor of the metals market bears. June gold futures were last down $11.20 at $1,842.30. July Comex silver futures hit a 22-month low overnight and were last down $0.715 at $20.85 an ounce.

 

Global stock markets were mostly lower overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins and hit 12-month lows overnight. Risk aversion remains elevated amid the Russia-Ukraine war that shows no signs of ending, Covid lockdowns in China, and problematic price inflation that is gripping the globe. Traders worry the U.S. and other major economies will slip into recession in the coming months, due to the aforementioned factors.

The U.S. gets another inflation reading Thursday with the producer price index for April, which is seen coming in up 0.5% from March and compares to a rise of 1.4% in March from February

In other news, cryptocurrencies continue to get hammered amid the keener risk aversion in the marketplace. Bitcoin prices dropped to a 16-month low below $26,000 overnight.

The key outside markets today see Nymex crude oil futures prices lower and trading around $104.00 a barrel. Meantime, the U.S. dollar index is higher in early trading. The yield on the 10-year U.S. Treasury note is fetching 2.837%.

Other U.S. economic data due for release Thursday includes the weekly jobless claims report.

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