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(Kitco News) – The price of gold is almost stable and stagnant during the early morning US trading session on Friday morning. Today, bull favors are favored by lower US stock market indices and a weaker global stock market. However, limiting purchase interest is a strong US dollar index that is not much lower than this year's peak. Traders and investors are looking for new fundamental inputs to boost prices. June gold futures were up $ 0.10 an ounce at $ 1,286.40. The July money prices of the Comex reached their lowest level in 5 and a half months and decreased by $ 0.074 for the last time, to $ 14,465 an ounce.
Global stock markets were generally weaker overnight. US stock indexes are oriented towards the lowest openings at the beginning of the New York daily session. News from China late Thursday painted a darker picture of trade talks between the United States and China, including questions about whether further talks are planned between the two. largest economies in the world. This has helped put pressure on global stock markets for them to end the week of trading. In addition, US stock indexes had a very good week after Monday's sale. It could be that traders make profits before the weekend.
The Chinese yuan continued to depreciate against the US dollar on Friday, due to the US-China trade war. European traders are a little worried and the pound sterling is being sold this week at the announcement of the resignation of British Prime Minister Theresa May. This creates more uncertainty about the Brexit case. And the Australian dollar continues to weaken against the greenback, the Australian reaching unprecedented lows for about 10 years.
In other overnight news, the euro zone said its April consumer price index was up 0.7% from March and up 1.7% year-on-year . These figures were in line with market expectations.
Tensions between the United States and Iran are causing the rising global market tension this week. The United States has sent a naval task force to the Persian Gulf and President Trump could send thousands more troops to the area. It is very likely that this situation will intensify before it becomes fully operational. This would probably be bullish for safe havens.
The other essential "outside market" today is the rise in Nymex crude oil prices, which are trading around $ 63.50 per barrel.
US economic data, scheduled for release on Friday, includes the University of Michigan Consumer Confidence Survey and key economic indicators.
Technically, bulls and bears are on a technical equal footing in the short term, but bulls are fading away. An incipient bullish price trend on the daily bar chart has been canceled. Bulls next bullish target is to produce a futures contract in June, above a strong resistance, at $ 1,300.00. Bears' next short-term price reduction target pushes prices up under strong technical support to the May low of $ 1,267.30. The first resistance is seen at $ 1,290.00, then at $ 1,295.00. The first support is received at the low of the week, at $ 1,282.40, then at $ 1,275.00. Wyckoff's Market Rating: 5.0
July's silver futures bear a strong short-term overall technical advantage and gained strength over the weekend. Prices are in a downtrend of three months on the daily bar chart. The next bullish price target of the Silver Bulls is to close the closing prices above a strong technical resistance at $ 15.00 an ounce. The next downside price target for bearish futures is the lower closing price on solid support at the low of November, at $ 14.175. The first resistance is observed at the top of the night of $ 14,555, then at $ 14.75. The next support is seen at overnight lows of $ 14.45 then at $ 14.30. Wyckoff Market Estimate: 2.0.
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