Gold and Silver Prices React to U.S. Economic Data and Fed Policy

Gold and silver prices are slightly up ahead of a heavy batch of US economic data reports. The US House of Representatives has passed the government debt-ceiling-extension deal, which is expected to also pass in the Senate. The Fed is likely to pause in its interest-rate-hiking cycle at the June FOMC meeting, before raising rates again later this summer. The Euro zone May consumer price index came in lower than expected. The US dollar index is weaker, while Nymex crude oil prices are near steady. The gold futures bulls have the overall near-term technical advantage, while the silver bears have the overall near-term technical advantage.