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Gold prices are moderately down and hit a two-week low in early-morning US trading yesterday.
So far this week, trader and investor risk appetite is more upbeat, which is bearish for the safe-haven gold and silver markets. June gold futures were last down $5,90 an ounce at $1,271.40. July Comex silver prices are near a 5.5-month scored on Monday and were last down $0,075 at $14.37 an ounce.
World stock markets were mostly higher overnight. US stock indexes are pointed toward higher openings when the New York day session begins. For the time being, the marketplace has put the US-China trade war and its negative ramifications on world economies on the back burner.
Still, the Paris-based OECD think tank today reported that trade disputes between the US and its trading partners have weakened global business investment. The OECD said business investment in 2019 will increase by 1,75 percent compared to a growth rate of 3,5 percent in both 2017 and 2018.
In other overnight news, Australia’s central bank says it will consider lowering interest rates at its early-June meeting. Australia’s economy and its currency have been ailing in recent months, due in part to the US-China trade dispute.
The key “outside markets” today see the US dollar index firmer and not far below this year’s high, which is a two-year high. Meantime, Nymex crude oil prices are also up and trading around $63,50 a barrel.
US economic data due for release yesterday includes the weekly Goldman Sachs and Johnson Redbook retail sales reports, and existing home sales.
Technically, the gold bears have gained the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at $1,300.00. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at the May low of $1,267.30. First resistance is seen at this week’s high of $1,278.80 and then at $1,287.00. First support is seen at $1,267.30 and then at $1,260.00. — Kitco News.
Online Reporter