(Kitco News) - Gold prices are presently down a bit as midday approaches. Trading has been choppy and two-sided so far today. Short covering in the futures market and some bargain buying in the cash market are supportive features at mid-week. However, rising U.S. Treasury bond yields and solid gains in the U.S. dollar index are negatives for the metals. August gold futures were last down $2.60 at $1,845.90. July Comex silver futures were last up $0.127 at $21.82 an ounce.
U.S. stock indexes are lower at midday. Traders and investors are exhibiting risk aversion amid the Russia-Ukraine war that is in its third month, as well as problematic global inflation and the prospect of a U.S. economic recession.
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| Rising oil prices could push world into a recession; no economy can expand without energy - Bank of America |
The key outside markets today see Nymex crude oil prices higher and trading around $116.50 a barrel. The U.S. dollar index is solidly higher in midday trading. The yield on the 10-year U.S. Treasury note is fetching 2.9%.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, August gold futures see an 11-week-old price downtrend in place on the daily bar chart. Bears have the firm overall near-term technical advantage. Bulls' next upside price objective is to produce a close 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 $1,852.30 and then at this week’s high of $1,862.10. First support is seen at today’s low of $1,830.20 and then at $1,825.00. Wyckoff's Market Rating: 3.0.
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
July silver futures see an 11-week-old price downtrend in place on the daily bar chart. The silver bears have the firm overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $23.00 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 $21.41 and then at $21.25. Wyckoff's Market Rating: 2.5.
July N.Y. copper closed up 210 points at 431.65 cents today. Prices closed nearer the session high today. The copper bears have the overall near-term technical advantage. However, bulls are working on a fledgling uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 450.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the May low of 403.70 cents. First resistance is seen at this week’s high of 436.65 cents and then at 440.00 cents. First support is seen at today’s low of 425.90 cents and then at last week’s low of 420.35 cents. Wyckoff's Market Rating: 4.0.
