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(Kitco News) - Gold prices are a bit lower and silver a bit higher in early U.S. trading Tuesday. The technical charts for both metals still slightly favor the bears, so amid a lack of fresh markets-moving news overnight the short-term technical traders press their case. Lower crude oil prices are also a negative daily “outside market” for the metals. August gold was last down $2.30 at $1,931.50 and July silver was up $0.079 at $22.905.
Asian stock markets were mixed and European stocks mostly firmer overnight. U.S. stock indexes are pointed toward mixed openings when the New York day session begins. While risk aversion is not keen Tuesday, neither is it robust following the weekend insurrection in Russia and the likely weakened posture of its president, Vladimir Putin. Many veteran Russia watchers now believe Russia is even less stable than before the weekend revolt. With Putin now weaker it makes him even more dangerous.
The key outside markets today see the U.S. dollar index weaker. Nymex crude oil prices are lower and trading around $68.00 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 3.735%.
U.S. economic due for release Tuesday includes the weekly Johnson Redbook retail sales report, durable goods orders, the monthly house price index, the S&P Core-Logic home price indexes, the Richmond Fed business survey, the consumer confidence index and new residential sales.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, the gold futures bears have the slight overall near-term technical advantage. A six-week-old price downtrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close in August futures above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at the overnight high of $1,939.90 and then at $1,950.00. First support is seen at $1,925.00 and then at the June low of $1,919.50. Wyckoff's Market Rating: 4.5.
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
The silver bears have the overall near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. Silver bulls' next upside price objective is closing July futures prices above solid technical resistance at $24.00. The next downside price objective for the bears is closing prices below solid support at $21.00. First resistance is seen at the overnight high of $23.075 and then at $23.23. Next support is seen at this week’s low of $22.435 and then at the June low of $22.14. Wyckoff's Market Rating: 4.0.
