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Gold, Silver Drop To Session Lows In Quiet Session

Kitco News

Editor's Note: The article was updated to reflect a drop in gold prices.

(Kitco News) - Gold and silver prices were were moderately lower in afternoon U.S. trading Monday. Right as the futures markets were closing selling pressure in the metals intensified. At the same time the U.S. dollar index moved up to its session high. June Comex gold futures were last down $7.50 an ounce at $1,313.30. July Comex silver was last down $0.222 at $16.53 an ounce.

There is keener risk appetite is in the marketplace at present, which is bearish for safe-haven gold and silver. U.S. stock indexes hit multi-week highs today.

Still, the gold and silver market bulls are encouraged by recent price action that suggests these metals have put in near-term market bottoms.

Focus of the marketplace this week will be on U.S. trade meetings with China that begin in the U.S. Tuesday, and a possible U.S. decision on the NAFTA trade agreement with Mexico.

The key “outside markets” today see Nymex crude oil prices slightly higher and not far below $71.00 a barrel. The U.S. dollar index

The key “outside markets” today see Nymex crude oil prices slightly higher and not far below $71.00 a barrel. The U.S. dollar index is is firmer on some bargain hunting following recent selling pressure.

There was no major U.S. economic data released Monday.

Live 24 hours gold chart [Kitco Inc.]

Technically, the gold bulls and bears are still on a level overall near-term technical playing field. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,340.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00. First resistance is seen at last week’s high of $1,326.30 and then at $1,330.00. First support is seen at Friday’s low of $1,317.00 and then at $1,310.00. Wyckoff's Market Rating: 5.0

Live 24 hours silver chart [ Kitco Inc. ]

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 the April high of $17.425 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 $16.76 and then at last week’s high of $16.865. Next support is seen at $16.50 and then at last week’s low of $16.335. Wyckoff's Market Rating: 5.0.

July N.Y. copper closed down 170 points at 309.45 cents today. Prices closed nearer the session low 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 313.10 cents and then at 315.00 cents. First support is seen at today’s low of 307.65 cents and then at 305.00 cents. Wyckoff's Market Rating: 5.0.

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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