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(Kitco News) - Gold prices have visited both sides of unchanged near midday Tuesday, while silver trades solidly lower. Gold in morning trading saw some upside from bargain hunters buying the early dip and as U.S. Treasury yields have declined this week. However, a higher U.S. dollar index and lower crude oil prices today are negative influences on the metals markets. June gold was last up $1.60 at $2,001.40 and May silver was down $0.486 at $24.83.
Global stock markets were mostly lower overnight. U.S. stock indexes are lower at midday. Focus of stock traders this week is on the release of a slew of corporate earnings reports.
Risk appetite has not been robust recently, amid worries about a "higher for longer" Fed interest rate cycle. There are still marketplace concerns about a U.S. economic recession being on the doorstep. The clues are there, including an inverted U.S. Treasury yield curve. Reads a Wall Street Journal headline today: "Sliding diesel prices signal warning for U.S. economy." Lately, the precious metals market bulls have been focused more on the bearish aspects of global economic weakness meaning less demand for metals.
The banking turmoil that roiled the marketplace in March has simmered down, at least for the moment. But there are worries banking problems will resurface. A Barrons headline today says: "First Republic laid bare the extent of banking turmoil; brace for more jitters."
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| Russia's central bank sells 3.1 tonnes of gold in March, publishes last year's missing gold reserves data |
The key outside markets today see the U.S. dollar index solidly higher. Nymex crude oil prices are lower and trading around $77.00 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching around 3.4%.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, June gold futures bulls have the firm overall near-term technical advantage. However, a six-week-old uptrend on the daily bar chart has stalled out. 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 $2,011.40 and then at $2,018.00. First support is seen at last week's low of $1,980.90 and then at $1,965.90. Wyckoff's Market Rating: 7.0
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
May silver futures prices hit a three-week low today and scored a bearish outside day down. The silver bulls have the overall near-term technical advantage. However, a six-week-old uptrend on the daily bar chart has been negated, which is one early clue that a market top is in place. Silver bulls' next upside price objective is closing prices above solid technical resistance at the April high of $26.235. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at $25.00 and then at today's high of $25.435. Next support is seen at today's low of $24.53 and then at $24.25. Wyckoff's Market Rating: 7.0.
May N.Y. copper closed down 1,065 points at 384.75 cents today. Prices closed nearer the session low and hit a five-week low today. The copper bulls have lost their overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 410.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the March low of 382.20 cents. First resistance is seen at 390.00 cents and then at today's high of 397.00 cents. First support is seen at 382.20 cents and then at 380.00 cents. Wyckoff's Market Rating: 5.0.
