Gold Silver Reports (GSR) – The U.S. and China remain headed for the Friday showdown on putting into effect their already-announced trade sanctions against each other. A Chinese official said Thursday the U.S. is firing shots to the world, including itself,” on the trade matter.
Gold and silver prices are modestly to slightly higher in early-afternoon U.S. trading Thursday, on mild corrective rebounds after both metals hit multi-month lows earlier this week. This afternoon’s release of the minutes from the latest meeting of the Federal Open Market Committee (FOMC) did not have a significant impact on precious metals prices. August gold futures were last up $3.60 an ounce at $1,256.90. July Comex silver was last up $0.017 at $16.06 an ounce.
Read More: Silver Spot Below $16.25 Level No Buying @all, Only Panic-Panic-Panic – Tips Buy Neal Bhai
The FOMC minutes saw committee members concerned about the economic impact of the trade disputes between the U.S. and its major trading partners. The FOMC also lowered slightly the U.S. gross domestic product growth rate for the second quarter.
This morning’s ADP national employment report for June showed a rise of 177,000 versus the forecast for a gain of 185,000 jobs. The more important U.S. employment report from the Labor Department is out Friday morning, with the non-farm jobs number expected to come in at up 195,000 in June. The U.S. dollar index traded down to its session low following the ADP report, which worked to support some buying interest in the metals today.
Technically, the gold bears still have the firm overall near-term technical advantage. A 2.5-month-old downtrend is in place on the daily bar chart. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,275.00. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at $1,230.00. First resistance is seen at today’s high of $1,262.40 and then at $1,270.00. First support is seen at $1,250.00 and then at this week’s low of $1,238.80. Wyckoff’s Market Rating: 3.0 – Neal Bhai Reports (NBR)
