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(Kitco News) - Gold prices are moderately lower and silver a bit higher in midday U.S. trading Tuesday. Lower crude oil prices and rising U.S. Treasury yields are driving the yellow metal down today amid a lack of major fresh fundamental news. August gold was last down $11.20 at $1,922.70 and July silver was up $0.119 at $22.945.
U.S. stock indexes are higher at midday. Risk appetite has up-ticked a bit following the weekend insurrection in Russia that was quickly called off. Still, many veteran Russia watchers now believe Russia is even less stable than before the weekend revolt. With President Putin now weaker it makes him even more dangerous.
The key outside markets today see the U.S. dollar index lower and trending down. 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 3.83%.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, August gold futures bears have the overall near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close 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 today’s high of $1,940.30 and then at $1,950.00. First support is seen at last week’s low of 1,919.50 and then at $1,910.00. Wyckoff's Market Rating: 4.0.
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
July silver futures were saw tepid short covering after prices hit a three-month low last Friday. The silver bears still have the overall near-term technical advantage. A choppy, six-week-old price downtrend is in place on the daily bar chart. Silver bulls' next upside price objective is closing 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 today’s high of $23.15 and then at $23.50. 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.
July N.Y. copper closed down 130 points at 377.10 cents today. Prices closed nearer the session low today and hit a two-week low. The copper bulls and bears are on a level overall near-term technical playing field. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 400.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the May low of 354.50 cents. First resistance is seen at this week’s high of 383.60 cents and then at last Friday’s high of 389.10 cents. First support is seen at today’s low of 375.40 cents and then at 373.00 cents. Wyckoff's Market Rating: 5.0.
