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(Kitco News) - Gold and silver prices are slightly lower in midday U.S. trading Monday. It’s quieter and uneventful action in the marketplace to start the trading week. That’s allowing the chart-based traders to dictate price action, and the gold and silver technicals remain overall near-term bearish. However, it’s an active week for U.S. economic reports, including key U.S. inflation data later this week. August gold was last down $3.60 at $1,928.90 and September silver was down $0.034 at $23.245.
U.S. stock indexes are mixed at midday. The key outside markets today see the U.S. dollar index weaker. Nymex crude oil prices are near steady and trading around $73.75 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 4.044%.
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| This catapults gold to $2,500 and then $5,000 by 2026 - Midas Touch Consulting's Florian Grummes |
The U.S. data point of a busy data week is the consumer price index report for June on Wednesday, which is expected to come in at up 5.0%, year-on-year, compared to a gain of 5.3% in the May report. The U.S. producer price index is out Thursday morning.
![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 nine-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,950.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the February low of $1,846.80. First resistance is seen at today’s high of $1,933.70 and then at last week’s high of $1,942.90. First support is seen at today’s low of $1,918.00 and then at last week’s low of $1,908.50. Wyckoff's Market Rating: 4.0
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
September silver futures bears have the overall near-term technical advantage. A choppy, nine-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 the March low of $20.425. First resistance is seen at last week’s high of $23.535 and then at $23.75. Next support is seen at $23.00 and then at last week’s low of $22.72. Wyckoff's Market Rating: 4.0.
September N.Y. copper closed steady at 378.20 cents today. Prices closed nearer the session high. The copper bears have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the June high of 396.40 cents. The next downside price objective for the bears is closing prices below solid technical support at the May low of 356.50 cents. First resistance is seen at last week’s high of 380.95 cents and then at 385.00 cents. First support is seen at last week’s low of 372.25 cents and then at 368.30 cents. Wyckoff's Market Rating: 3.0.
