Gold Near Steady; Silver Pushes To 6-Week High
(Kitco News) - Gold prices were near steady in early-afternoon U.S. trading Thursday. Silver prices were modestly up and scored a six-week high today. The U.S. dollar index has been drifting lower this week, which is a positive development for the precious metals market bulls. August Comex gold futures were last up $0.50 an ounce at $1,301.80. July Comex silver was last up $0.141 at $16.83 an ounce.
Gains in the safe-haven metals were again limited today by upbeat trader and investor attitudes. World stock markets were mostly firmer overnight. U.S. stock indexes have hit multi-week highs this week.
Traders are looking ahead to this weekend’s Group of Seven meeting between the major industrialized countries of the world. Trade and import tariffs will likely be the major topic of discussion among the finance ministers of the major world economies.
The key “outside markets” today find Nymex crude oil prices higher and trading just below $66.00 a barrel. Still, recent chart damage in oil suggests the market has topped out.
Meantime, the U.S. dollar index is lower again today on more of a corrective pullback from recent good gains. More losses in the USDX this week would suggest that a near-term market top is in place.
Technically, gold price action has turned choppy and sideways recently. The gold bulls and bears are 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 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 today’s high of $1,307.80 and then at last week’s high of $1,312.60. First support is seen at last week’s low of $1,293.10 and then at $1,286.80. Wyckoff's Market Rating: 5.0
July silver futures hit a six-week high today. The silver bulls have regained the slight overall near-term technical advantage 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 $16.935 and then at $17.00. Next support is seen at today’s low of $16.67 and then at $16.50. Wyckoff's Market Rating: 5.5.
July N.Y. copper closed up 180 points at 328.00 cents today. Prices closed near mid-range and hit a 4.5-month high today. The copper bulls have the firm overall near-term technical advantage. However, the market is now overbought and due for a corrective pullback very soon. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the December high of 334.20 cents. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of 309.00 cents. First resistance is seen at today’s high of 331.15 cents and then at 334.20 cents. First support is seen at 325.00 cents and then at 321.80 cents. Wyckoff's Market Rating: 7.0.