Gold Market Chops In Lazy Summertime Trading
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(Kitco News) - Gold prices are near steady on the day, after experiencing a two-sided trading session to start the first full trading week of July and of the second half of the year. Traders are looking for new fundamental developments to help drive price direction, but it’s been quiet on that front the past several days. August gold futures were last down $0.30 an ounce at 1,399.90. September Comex silver prices were last up $0.059 at $15.06 an ounce.
Asian and European stock markets were mostly weaker Monday in quiet dealings U.S. stock indexes are modestly lower at midday.
Last Friday’s strong U.S. jobs report has somewhat dented trader and investor enthusiasm on notions the Federal Reserve is now less likely to lower interest rates at its July monetary policy meeting. Friday’s jobs data rallied the U.S. dollar and pressured U.S. Treasury prices. Fed Chairman Jerome Powell speaks to the U.S. House of Representatives on U.S. monetary policy on Wednesday morning, and to a Senate panel on Thursday.
Traders are watching the Turkish lira, which is under pressure and dropped around 2% against the U.S. dollar Monday after Turkey’s president fired the head of the Turkish central bank.
There was no U.S. economic data released Monday.
Technically, August gold futures prices closed nearer the session low today. The bulls have the firm overall near-term technical advantage amid a five-week-old uptrend that is still 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 $1,428.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the July low of $1,384.70. First resistance is seen at today’s high of $1,409.90 and then at $1,420.00. First support is seen at today’s low of $1,395.00 and then at last Friday’s low of $1,388.60. Wyckoff's Market Rating: 7.0
September silver futures prices closed near mid-range today. The silver bulls and bears are on a level overall near-term technical playing field. A five-week-old uptrend on the daily bar chart has been negated. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at the June high of $15.625 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.70. First resistance is seen at today’s high of $15.15 and then at $15.25. Next support is seen at $15.00 and then at last week’s low of $14.915. Wyckoff's Market Rating: 5.0.
September N.Y. copper closed down 20 points at 265.90 cents today. Prices closed nearer the session low today. The copper bears have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the July high of 275.70 cents. The next downside price objective for the bears is closing prices below solid technical support at the June low of 259.95 cents. First resistance is seen at today’s high of 268.90 cents and then at 272.50 cents. First support is seen at last week’s low of 263.65 cents and then at 261.65 cents. Wyckoff's Market Rating: 3.0.