Gold, Silver Near Steady Amid Uncertainty Ahead Of Weekend, Geopolitical Events

(Kitco News) - Gold and silver prices are trading near unchanged levels in early U.S. trading Friday. Sellinginterest in the safe-haven metals will be limited today, heading into theweekend and pending major geopolitical developments. August Comex gold futureswere last up $0.30 an ounce at $1,303.50. July Comex silver was last up $0.015 at$16.83 an ounce.

Thereis some uncertainty and even some anxiety among traders and investors headinginto this weekend’s Group of Seven meeting in Canada between the majorindustrialized countries of the world. Trade and import tariffs will likely bethe major topic of discussion among the finance ministers of the major worldeconomies. The tone among the world leaders attending the meeting is not good,regarding resolving trade the disputes.

Andthen early next week President Trump is scheduled to meet with North KoreanPresident Kim Jong Un. The results of this meeting are very much up in the airand hard for the markets to gauge. This adds another element of uncertaintyheading into the weekend, to put the marketplace is a more risk-averse moodtoday.

Worldstock markets were lower overnight and U.S. stock indexes are pointed towardlower openings when the New York day session begins.

Thekey “outside markets” today find Nymex crude oil prices weaker and tradingabove $65.00 a barrel. The U.S. dollar index is higher today on a rebound fromthis week’s losses and a bit of safe-haven demand.

U.S.economic data due for release Friday is light and includes the monthlywholesale trade report.

Technically,August gold bulls and bears are in a level overall near-term technical playingfield. A seven-week-old downtrend on the daily bar chart has been negated. Goldbulls' next upside near-term price breakout objective is to produce a closeabove the May high of $1,332.40. Bears' next near-term downside price breakoutobjective is pushing prices below solid technical support at the May low of $1,286.80.First resistance is seen at this week’s high of $1,307.80 and then at lastweek’s high of $1,312.60. First support is seen at last week’s low of $1,293.10and then at $1,286.70. Wyckoff's Market Rating: 5.0

Julysilver futures bulls have the slight overall near-term technical advantage.Silver bulls' next upside price breakout objective is closing prices abovesolid technical resistance at $17.00 an ounce. The next downside price breakoutobjective for the bears is closing prices below solid support at the May low of$16.07. First resistance is seen at this week’s high of $16.935 and then at $17.00.Next support is seen at today’s low of $16.645 and then at $16.50. Wyckoff's MarketRating: 5.5.

By Jim Wyckoff

For Kitco News

Follow @jimwyckoffjwyckoff@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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