Gold Near Steady As Marketplace Takes In Stride Missile Strikes On Syria
(Kitco News) - Gold prices are trading near unchanged in early U.S. dealings Monday. The marketplace late last week had fully anticipated the U.S.-led missile attack on Syria Saturday. Thus, markets did not show a big reaction to the weekend military action. June Comex gold futures were last down $0.10 an ounce at $1,347.80. May Comex silver was last down $0.023 at $16.635 an ounce.
Importantly, however, there is still some uncertainty among traders and investors regarding any more U.S. missile strikes against Syria that may be coming, and how Russia will react to the overall situation. The U.S. is preparing to slap more economic sanctions on Russia. But as of now, the sense of the marketplace is that the conflict will not escalate. This situation is likely to continue to at least limit selling interest in safe-haven gold and silver for the near term.
World stock markets were mixed overnight. U.S. stock indexes are pointed toward higher openings when the New York day session begins.
The key U.S. data point of the day will be the March retail sales report. Forecasters expect sales in March rose 0.3%.
Other U.S. economic data due for release Monday includes the Empire State manufacturing survey, manufacturing and trade inventories, the NAHB housing market index, and Treasury international capital data.
Technically, June gold bulls have the overall near-term technical advantage. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at the January high of $1,375.50. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the March low of $1,309.30. First resistance is seen at today’s high of $1,351.50 and then at $1,362.60. First support is seen at today’s low of $1,342.80 and then at $1,335.00. Wyckoff's Market Rating: 6.0
May silver futures bulls and bears are on a level overall near-term technical playing field amid recent choppy and sideways trading. 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 $16.00. First resistance is seen at $16.69 and then at $16.89. Next support is seen at $16.43 and then at last week’s low of $16.295. Wyckoff's Market Rating: 5.0.