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(Kitco News) – Comex gold futures prices are modestly up in early U.S. trading Tuesday. Silver prices are near steady. Precious metals traders are tentative ahead of important government and economic developments in the U.S. that are coming into play for the marketplace. June gold was last up $7.30 at $2,032.00 and July silver was down $0.05 at $25.885.

President Biden today meets with House Speaker Kevin McCarthy and other congressional leaders to discuss raising or suspending the U.S. debt ceiling. U.S. Treasury Secretary Janet Yellen told lawmakers last week the U.S. could default on its debt as early as June 1 if Congress does not raise or suspend the debt limit before that time. No progress at today’s meeting would likely cause at least a bit of marketplace anxiety.

The U.S. data point of the week is Wednesday morning’s April consumer price index report, which is expected to come in at up 5.0%, year-on-year, which would be the same as reported in the March CPI. The April core CPI is forecast up 5.5% versus up 5.6% in the March report. A Federal Reserve banking lender survey released Monday showed bankers have curtailed loans to customers, which is likely to help tame inflation.

Global stock markets were mixed overnight. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins. Trading has turned choppy and sideways in the stock indexes.

In other news Bitcoin prices are tumbling on reported blockchain network congestion that caused Binance, the world’s largest crypto exchange, to temporarily halt withdrawals.

Reports said China’s imports dropped 7.9% in April, which is a much larger decline than expected. China’s exports rose 8.5%–a bit stronger than forecasters expected.

The key outside markets today see the U.S. dollar index slightly higher. Nymex crude oil prices are weaker and trading around $72.50 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 3.488%.

U.S. economic data due for release Tuesday includes the weekly Johnson Redbook and retail chain store sales reports, the NFIB small business optimism index and the IBD/TIPP economic optimism index.

Live 24 hours gold chart [Kitco Inc.]

Technically, the gold futures bulls have the solid overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at $2,100.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the April low of $1,965.90. First resistance is seen at $2,050.00 and then at $2,063.40. First support is seen at this week’s low of $2,022.00 and then at $2,007.00. Wyckoff’s Market Rating: 8.0

Live 24 hours silver chart [ Kitco Inc. ]

The silver bulls have the solid overall near-term technical advantage. Silver bulls’ next upside price objective is closing July futures prices above solid technical resistance at $27.50. The next downside price objective for the bears is closing prices below solid support at $24.50. First resistance is seen at $26.00 and then at the April high of $26.435. Next support is seen at the overnight low of $25.57 and then at $25.25. Wyckoff’s Market Rating: 8.0.

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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