(Kitco News) - Gold and silver prices are slightly down in midday U.S. trading Tuesday. Gold hit an 8.5-month low overnight and silver a two-year low. The U.S. dollar index continues its assault on the major world currencies and that remains a main bearish element punishing the metals markets. Also, big losses in crude oil prices today hurt the precious metals market bulls. August gold futures were last down $0.40 at $1,731.30. September Comex silver futures were last down $0.097 at $19.03 an ounce.
Global stock markets were mostly weaker overnight. U.S. stock indexes are slightly up at midday. Trader and investor risk appetite remains dented amid recession and inflation fears. Asian countries are also dealing with the worrisome spread of Covid. However, these marketplace worries are not helping out the safe-haven metals markets at present.
The U.S. data point of the week will be Wednesday’s consumer price index report for June, which is seen coming in up 8.5%, year-on-year. In the May report, CPI was up 8.6% annually.
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The key outside markets today see Nymex crude oil prices sharply down and trading around $96.50 a barrel. The U.S. dollar index is up and hit another 20-year high today. The yield on the 10-year U.S. Treasury note is fetching around 2.9%.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, August gold futures prices hit an 8.5-month low overnight. Bears have the solid overall near-term technical advantage. Prices are in a four-month-old downtrend on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at $1,800.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00. First resistance is seen at this week’s high of $1,743.00 and then at $1,750.00. First support is seen at today’s low of $1,721.60 and then at $1,710.00. Wyckoff's Market Rating: 1.0.
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
September silver futures prices hit a two-year low overnight. The silver bears have the solid overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $20.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $18.00. First resistance is seen at this week’s high of $19.31 and then at $19.50. Next support is seen at today’s low of $18.63 and then at $18.50. Wyckoff's Market Rating: 1.0.
September N.Y. copper closed down 1,105 points at 332.00 cents today. Prices closed near the session low and closed at a 1.5-year low close today. The copper bears have the solid overall near-term technical advantage. A steep five-week-old price downtrend is in place on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 385.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 320.00 cents. First resistance is seen at today’s high of 345.70 cents and then at 350.00 cents. First support is seen at the July low of 327.30 cents and then at 325.00 cents. Wyckoff's Market Rating: 1.0.
