(Kitco News) - Gold and silver prices are higher in early U.S. trading Monday and are following the lead of the crude oil market that saw Nymex futures push above $120 a barrel overnight. A weaker U.S. dollar index and stable U.S. Treasury yields to start the trading week are also a bit supportive for the metals markets. The near-term technical postures for gold and silver have also become friendlier to the chart-based traders recently. August gold futures were last up $7.60 at $1,857.80. July Comex silver futures were last up $0.502 at $22.41 an ounce.
Global stock markets were mostly up overnight. U.S. stock indexes are pointed toward higher openings when the New York day session begins. Trader and investor risk appetite is a bit keener to start the trading week, amid easing Covid restrictions in China.
Two key data points of the week are the European Central Bank’s regular monetary policy meeting Thursday, at which the central bank is expected to lay out plans for tightening its monetary policy. On Friday the U.S. consumer price index report for May is set for release. The CPI is expected to be up 8.2%, year-on-year, after a rise of 8.3% in April.
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The key outside markets today see Nymex crude oil prices firmer and trading around $119.50 a barrel. The U.S. dollar index is slightly weaker in early trading. The yield on the 10-year U.S. Treasury note is fetching 2.964%.
U.S. economic data due for release Monday includes the employment trends index and the global services purchasing managers’ index.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, the August gold futures bears have the overall near-term technical advantage. However, a 2.5-month-old downtrend on the daily bar chart has been negated and the are working on a price uptrend on the daily 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 $1,800.00. First resistance is seen at $1,875.00 and then at last week’s high of $1,878.60. First support is seen at $1,850.00 and then at last week’s low of $1,830.20. Wyckoff's Market Rating: 4.0
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
July silver futures bears have the overall near-term technical advantage. However, the bulls are working on a price uptrend on the daily chart. 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 $21.00. First resistance is seen at last week’s high of $22.525 and then at $23.00. Next support is seen at $22.00 and then at $21.785. Wyckoff's Market Rating: 3.5.
