 | Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here! |
(Kitco News) - Gold and silver prices are solidly lower in midday U.S. trading Monday. Heavy profit-taking pressure has been featured in both metals the past two session after prices hit 13-month highs last week. The downside price action in gold and silver is so far normal corrections in uptrends that remain firmly in place on the daily charts. However, the gold and silver market bulls do need to step up and show fresh power soon to avoid some near-term technical damage being inflicted. June gold was last down $14.40 at $2,001.40 and May silver was down $0.41 at $25.05.
The key outside markets are in bearish daily postures for the metals markets to start the trading week: the U.S. dollar index is higher; Nymex crude oil prices are lower and trading around $81.50 a barrel; and the benchmark 10-year U.S. Treasury note yield has risen today and is presently fetching 3.598%.
|
| Banking crisis 'by design' will lead to crisis, CBDCs, and 'full surveillance economy' - Lynette Zang |
Global stock markets were mostly higher in quieter action overnight. U.S. stock indexes are a bit weaker as midday approaches. The U.S. stock indexes are still in price uptrends on the daily bar charts and not far below their highs for this year.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, June gold futures bulls still have the solid overall near-term technical advantage but need to show fresh power soon. Prices are still in a four-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the April high of $2,063.40. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the April low of $1,965.90. First resistance is seen at today’s high of $2,028.00 and then at $2,050.00. First support is seen at $1,980.00 and then at $1,965.90. Wyckoff's Market Rating: 8.0
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
May silver futures bulls still have the solid overall near-term technical advantage. Prices are in a steep five-week-old uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $27.00. The next downside price objective for the bears is closing prices below solid support at $23.50. First resistance is seen at today’s high of $25.71 and then at $26.00. Next support is seen at $24.50 and then at $24.00. Wyckoff's Market Rating: 8.0.
May N.Y. copper closed down 390 points at 406.75 cents today. Prices closed nearer the session low on profit taking after hitting a six-week high Friday. The copper bulls have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the January high of 435.90 cents. The next downside price objective for the bears is closing prices below solid technical support at the April low of 392.60 cents. First resistance is seen at today’s high of 413.30 cents and then at the April high of 419.55 cents. First support is seen at 405.00 cents and then at 400.00 cents. Wyckoff's Market Rating: 6.5.
