AM-PM Roundup
Gold slips lower in quiet summertime trading
(Kitco News) - Gold prices are a bit weaker in subdued summertime U.S. trading at middday Monday, losing some early gains that came amid a weaker U.S. dollar index to start the trading week. Steady to weaker U.S. stock indexes at midday and weaker global stock markets overnight are limiting selling pressure on the metals, however. August gold futures were last down $3.10 at $1,798.70 and September Comex silver was last up $0.067 at $25.30 an ounce.
China stocks were hit overnight by reports the Chinese government may act to regulate its fast-growing companies. U.S. traders and investors are a bit jittery as the Covid-19 virus is spreading again, with Dr. Anthony Fouci saying the situation is “moving in the wrong direction.”
The marketplace will be watching a meeting between U.S. and China officials this week, with early indications being that the two nations remain very wary of each other.
The key outside markets today see the U.S. dollar index lower. Nymex crude oil futures prices are weaker and trading around $71.50 a barrel. The yield on the U.S. Treasury 10-year note is presently fetching 1.225%. U.S. bond yields are falling again, suggesting inflation worries are somewhat subsiding.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, gold futures bulls and bears are on a level overall near-term technical playing field. Bulls’ next upside price objective is to produce a close above solid resistance at the July high of $1,835.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,775.00. First resistance is seen at the overnight high of $1,812.00 and then at $1,825.00. First support is seen at today’s low of $1,796.00 and then at last week’s low of $1,789.10. Wyckoff's Market Rating: 5.0.
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
The silver bears have the firm overall near-term technical advantage. Silver bulls' next upside price objective is closing September futures prices above solid technical resistance at $26.00 an ounce. The next downside price objective for the bears is closing prices below solid support at the March low of $23.825. First resistance is seen at last week’s high of $25.535 and then at this week’s high of $25.805. Next support is seen at $25.00 and then at the July low of $24.79. Wyckoff's Market Rating: 3.0.
