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Gold, Silver Prices Weaker As Charts Still Bearish

Kitco News

(Kitco News) - Gold and silver prices are slightly lower in early U.S. trading Tuesday. Both metals are not far above last week’s 12-month lows, and their technical postures remain fully bearish on a near-term basis. August gold futures were last down $1.60 an ounce at $1,229.60. September Comex silver was down $0.049 at $15.50 an ounce.

World stock markets were mixed to mostly lower overnight. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins. The world stock markets showed 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.

A Group of 20 finance ministers meeting held in Argentina during the weekend resulted in little markets-moving results. U.S. Treasury Secretary Mnuchin said the U.S. could indeed follow through with $500 billion in new trade sanctions against China.

The key “outside markets” today find Nymex crude oil prices higher and trading just around $69.00 a barrel. Meantime, the U.S. dollar index is near steady early today.

U.S. economic data due for release Monday includes the Chicago Fed national activity index and existing home sales.

Live 24 hours gold chart [Kitco Inc.]

Technically, gold bears have the solid overall near-term technical advantage amid a price downtrend on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close in August futures above solid 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 the overnight high of $1,235.20 and then at $1,240.00. First support is seen at $1,225.00 and then at $1,220.00. Wyckoff's Market Rating: 1.5

Live 24 hours silver chart [ Kitco Inc. ]

September silver futures bears have the solid overall near-term technical advantage. 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 $15.625 and then at $15.75. Next support is seen at last week’s low of $15.185 and then at $15.00. Wyckoff's Market Rating: 1.5.

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