Make Kitco Your Homepage

Gold, Silver Prices Drift Lower In Lackluster Summertime Trading

Kitco News

(Kitco News) - Gold and silver prices are moderately lower in early-afternoon U.S. trading Monday. Both metals are not far above last week’s 12-month lows. The key “outside markets” were bearish for the precious today as the U.S. dollar index was firmer and crude oil prices were weaker. Also, the technical postures for gold and silver markets remain fully bearish on a near-term basis. August gold futures were last down $5.20 an ounce at $1,225.90. September Comex silver was down $0.134 at $15.415 an ounce.

World stock markets were mixed to mostly lower today. U.S. stock indexes were slightly higher in afternoon dealings. The world stock markets showed just a mildly bearish reaction to President Trump’s tweet late Sunday warning Iran not to threaten the U.S. or that country would suffer grave consequences. Safe-haven gold and silver markets saw no significant reaction to the tweet.

U.S. economic data due for release Monday included the Chicago Fed national activity index and existing home sales. Neither report moved the markets, amid lackluster summertime trading, when many traders are thinking more about their upcoming family vacations than they are the markets.

(NOTE: Follow me on Twitter: @jimwyckoff)

Live 24 hours gold chart [Kitco Inc.]

Technically, the gold bears have the solid overall near-term technical advantage. There are no strong, early clues to suggest a market bottom is close at hand.  A three-month-old downtrend is in place on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,250.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,200.00. First resistance is seen at today’s high of $1,235.20 and then at $1,240.00. First support is seen at today’s low of $1,222.20 and then at last week’s low of $1,210.70. Wyckoff's Market Rating: 1.5

Live 24 hours silver chart [ Kitco Inc. ]

The silver bears have the solid overall near-term technical advantage. There are no early clues to suggest a market bottom is close at hand. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $16.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $15.00. First resistance is seen at today’s high of $15.58 and then at last week’s high of $15.90. Next support is seen at today’s low of $15.35 and then at last week’s low of $15.185. Wyckoff's Market Rating: 1.5.

September N.Y. copper closed down 100 points at 274.60 cents today. Prices closed nearer the session low today. The copper bears have the solid overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 290.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 260.00 cents. First resistance is seen at today’s high of 277.65 cents and then at 280.00 cents. First support is seen at today’s low of at 273.40 cents and then at 270.00 cents. Wyckoff's Market Rating: 1.5.

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.

Precious Metal Charts

Follow Kitco News