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Gold Down, But Pushes Up From Daily Low

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(Kitco News) - Gold prices are modestly lower in early-afternoon U.S. trading Monday. However, prices have moved well up from daily lows in late action. The safe-haven metals continue to suffer from a lack of turbulence on the geopolitical front that would provide some demand for them. June gold futures were last down $3.30 an ounce at $1,291.80. May Comex silver was last up $0.007 at $14.97 an ounce.

Asian and European stock indexes were steady to mixed in quieter dealings overnight. U.S. stock indexes are weaker in midday action. There are presently no major geopolitical issues in the world marketplace to rattle the markets and trader and investor attitudes remains generally upbeat, as evidenced by most world stock markets trending sideways to higher at present.

A sell off in the U.S. Treasury bond markets recently has been a bit bearish for gold, as the rising yields on those securities make a better return for fixed-income investors.

Focus of traders and investors this week will be on U.S. corporate earnings reports. Big bank reports issued last Friday were surprisingly upbeat.

U.S.-China trade talks will continue this week, with most market watchers thinking good progress has been made on the matter and both sides are close to a final agreement.

The key outside markets today find the U.S. dollar index slightly weaker. Meantime, Nymex crude oil prices are lower and trading around $63.35 a barrel.

Live 24 hours gold chart [Kitco Inc.]

Technically, June gold futures prices closed nearer the session high today. The bulls and bears are now on a level overall near-term technical playing field. However, a six-week-old downtrend line on the daily bar chart is in place. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at the April high of $1,314.70. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the April low of $1,284.90. First resistance is seen at today’s high of $1,295.20 and then at $1,300.00. First support is seen at $1,284.90 and then at $1,280.00. Wyckoff's Market Rating: 5.0

Live 24 hours silver chart [ Kitco Inc. ]

May silver futures prices closed nearer the session high after hitting a 3.5-month low early on today. The silver bears have the overall near-term technical advantage. A seven-week-old downtrend is in place on the daily bar chart. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at the April high of $15.31 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.50. First resistance is seen at $15.065 and then at $15.215. Next support is seen at today’s low of $14.795 and then at $14.75. Wyckoff's Market Rating: 4.0.

May N.Y. copper closed down 110 points at 293.50 cents today. Prices closed near mid-range today. The copper bulls have the overall near-term technical advantage but trading has been choppy and sideways at higher levels, suggesting that a market top is in place. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the April high of 298.85 cents. The next downside price objective for the bears is closing prices below solid technical support at the March low of 283.45 cents. First resistance is seen at last week’s high of 296.20 cents and then at 298.85 cents. First support is seen at today’s low of 291.65 cents and then at 290.00 cents. Wyckoff's Market Rating: 6.0.

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.