Gold Near Steady; U.S. Jobs Report On Deck

(Kitco News) - Gold and silver prices were near steady in early-afternoon U.S. trading Thursday, in a choppy, two-sided trading session. The metals got just a bit of support from a pullback in the U.S. dollar index from its recent strong gains. However, a dropping crude oil market that has come well down from its recent high is a bearish outside market factor for the precious metals. August Comex goldfutures were last down $0.50 an ounce at $1,306.00. July Comex silver was last down $0.034 at $16.51 an ounce.

In mid-morning action today the gold and silver markets got a slight, brief lift when the U.S. announced it is going to go ahead and implement an earlier-announced tariff regime on imported steel and aluminum. That somewhat heightened trader and investor anxiety on notions a bigger-scale trade war could occur between the U.S. and its major trading partners.

Traders are awaiting Friday’s U.S. jobs report for May. The key non-farm payrolls number is expected to come in at up around 190,000. Wednesday’s ADP jobs report showed a rise of 178,000. Trading volatility could pick up in the immediate aftermath of Friday morning’s jobs report. In fact, given the quieter trading activity in the metals so far this week, it’s even more likely that metals will see bigger price movements after the jobs data.

The key “outside markets” today find Nymex crude oil prices lower and trading just above $67.00 a barrel.

Meantime, the U.S. dollar index is near steady on more profit taking and a corrective pullback after hitting hit a 10.5-month high on Tuesday.

Technically, gold prices are still in a two-month-old downtrend on the daily bar chart, but now just barely. The gold bears have the slight overall near-term technical advantage. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at the May high of $1,332.40. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the May low of $1,286.80. First resistance is seen at last week’s high of $1,312.60 and then at $1,320.00. First support is seen at $1,300.00 and then at this week’s low of $1,296.60. Wyckoff's Market Rating: 4.5

The silver bulls and bears are on a level overall near-term technical playing field. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $17.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the May low of $16.07. First resistance is seen at today’s high of $16.615 and then at last week’s high of $16.74. Next support is seen at this week’s low of $16.31 and then at $16.19. Wyckoff's Market Rating: 5.0.

July N.Y. copper closed steady at 306.85 cents today. Prices closed near mid-range today. The copper bulls and bears are on a level overall near-term technical playing field, amid recent choppy trading. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the April high of 321.80 cents. The next downside price objective for the bears is closing prices below solid technical support at the March low of 295.85 cents. First resistance is seen at today’s high of 309.20 cents and then at 310.00 cents. First support is seen at today’s low of 304.60 cents and then at this week’s low of 301.00 cents. Wyckoff's Market Rating: 5.0.