Gold, Silver Slightly Lower; Lack Of Bullish News
(Kitco News) - Gold and silver prices are modestly lower in early U.S. trading Friday. It’s been a slownews week, which has helped gold to drift in a choppy fashion. However, it’sbeen a very good week for the silver market bulls, as prices hit a 2.5-monthhigh Thursday and the market is now in an uptrend. June Comex gold futures werelast down $4.00 an ounce at $1,344.80. May Comex silver was last down $0.064 at$17.175 an ounce.
Worldstock markets were mixed overnight. U.S. stock indexes are pointed toward slightlylower openings when the New York day session begins. It’s been a quieter weekon the news and geopolitical front. That has allowed the world stock markets tofocus on their own corporate earnings reports.
Afeature in the marketplace this week has been rising world government bondyields, which suggests inflation is creeping up and that world economies areexperiencing healthy economic growth. This is a bullish underlying developmentfor the precious metals markets (hard assets).
TheG-20 finance ministers meeting in Washington, D.C. begins Friday and lastthrough the weekend.
Thekey “outside markets” on Friday morning see the U.S. dollar index trading firmer.Nymex crude oil prices are weaker. Prices Thursday hit a 3.5-year high, and arecurrently trading below $68.00 a barrel. Brent crude oil pushed above $74.00 onThursday. Oil traders are awaiting the conclusion of an OPEC meeting that istaking place today in Saudi Arabia. Oil ministers from OPEC and Russia areexpected to continue to implement their production-cut quotas.
Thereis no major U.S. economic data due for release Friday.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically,Junegold bulls have the firm overall near-term technical advantage. Goldbulls' next upside near-term price breakout objective is to produce a closeabove solid technical resistance at the January high of $1,375.50. Bears' nextnear-term downside price breakout objective is pushing prices below solidtechnical support at the March low of $1,309.30. First resistance is seen at$1,350.00 and then at this week’s high of $1,359.00. First support is seen atthis week’s low of $1,340.20 and then at $1,335.00. Wyckoff's Market Rating: 6.5
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
Maysilver futures bulls have the overall near-term technical advantage. Silverbulls' next upside price breakout objective is closing prices above solidtechnical resistance at the January high of $17.785 an ounce. The next downsideprice breakout objective for the bears is closing prices below solid support at$16.50. First resistance is seen at this week’s high of $17.36 and then at $17.50.Next support is seen at $17.00 and then at $16.89. Wyckoff's Market Rating: 6.5.
By Jim WyckoffFor Kitco News
Follow @jimwyckoff
jwyckoff@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.