(Kitco News) - Gold and silver prices are down in early U.S. trading Tuesday, pressured in part by rising U.S. Treasury yields and a higher U.S. dollar index. Limiting the downside in the precious metals is a lower U.S. stock market to start the U.S. trading week. June gold futures were last down $5.60 at $1,845.70. July Comex silver futures were last down $0.491 at $21.605 an ounce.
Global stock markets were mixed overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins. The feature in the marketplace to start the U.S. trading week is sharply higher crude oil prices that are trading above $118 a barrel in Nymex futures, on news the European Union has agreed to ban the import of most Russian oil by the end of this year.
China got some upbeat economic news early this week as its official purchasing managers index for May rose to 49.6 from 47.4 in April. Still, a reading below 50.0 suggests contraction in the sectors. Also, reports say China’s Covid lockdowns are starting to be eased in some major cities.
Meantime, the Eurozone saw some more bad inflation numbers Tuesday, as its May consumer price index came in at up 8.1%, year-on-year, compared to a reading of up 7.4% in April.
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In other news, U.S. President Joe Biden has summoned Fed Chair Jerome Powell to the White House for a meeting Tuesday to discuss problematic price inflation that is gripping the U.S. at present.
The other key outside markets today see the U.S. dollar index is solidly up in early trading. The yield on the 10-year U.S. Treasury note is fetching 2.802%.
U.S. economic data due for release Tuesday includes the U.S. quarterly house price index, the monthly house price index, the S&P Core-Logic home price indexes, the ISM Chicago business survey, the consumer confidence index and the Texas manufacturing outlook survey.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, the June gold futures bears have the overall near-term technical advantage. A 2.5-month-old downtrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at $1,900.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the May low of $1,785.00. First resistance is seen at today’s high of $1,862.10 and then at last week’s high of $1,869.10. First support is seen at the overnight low of $1,842.00 and then at last week’s low of $1,836.30. Wyckoff's Market Rating: 3.5
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
July silver futures bears have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $23.50 an ounce. The next downside price objective for the bears is closing prices below solid support at the May low of $20.42. First resistance is seen at $22.00 and then at last week’s high of $22.475. Next support is seen at today’s low of $21.455 and then at $21.25. Wyckoff's Market Rating: 3.0.
