Gold, Silver Slightly Down Amid Calmer Marketplace

(Kitco News) - Gold andsilver prices are slightly lower in early U.S. trading Friday, on a quieter dayin world markets. Selling interest in the metals is limited by a weaker U.S.dollar index and firmer crude oil prices so far today. December gold futures were last down $0.10 an ounce at $1,183.80. September Comex silver was last down$0.093 at $14.62 an ounce.

Globalstock markets were mixed overnight. U.S. stock indexes are pointed toward weakeropenings when the New York day session begins.

Theworld currency markets have calmed down a bit the past couple days, as the U.S. dollar index has backed down from its 14-month high scored on Wednesday. Theclosely watched Turkish lira currency is weaker again today despite the Turkishgovernment taking steps to prop up the currency and the economy. U.S. TreasurySecretary Mnuchin said Turkey faces more sanctions if a U.S. citizen is notreleased by Turkish authorities.

Inovernight news, the Euro zone consumer price index was reported down 0.3% inJuly from June, and up 2.1%, year-on-year. The numbers were close to in linewith market expectations.

Theother key outside market today finds Nymex crude oil prices slightly firmer andtrading just around $65.50 a barrel. Oil prices hit a seven-week low Thursdayand are still trending lower.

U.S.economic data due for release Friday includes the University of Michiganconsumer sentiment survey, and leading economic indicators.

Technically,gold bears have the solid overall near-term technical advantage amid a pricedowntrend on the daily bar chart. Gold bulls' next upside near-term pricebreakout objective is to produce a close in December futures above solidresistance at $1,226.00. Bears' next near-term downside price breakoutobjective is pushing prices below solid technical support at $1,150.00. Firstresistance is seen at Thursday's high of $1,189.00 and then at $1,200.00. Firstsupport is seen at $1,175.00 and then at this week's low of $1,167.10.Wyckoff's Market Rating: 1.0

Septembersilver futures bears have the solid overall near-term technical advantage.Silver bulls' next upside price breakout objective is closing prices abovesolid technical resistance at $15.50 an ounce. The next downside price breakoutobjective for the bears is closing prices below solid support at $14.00. Firstresistance is seen at Thursday's high of $14.82 and then at $15.00. Nextsupport is seen at $14.50 and then at this week's low of $14.315 and then at $14.25.Wyckoff's Market Rating: 1.5.

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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