(Kitco News) - Gold and silver prices are solidly higher in midday U.S. trading Monday amid improved trader/investor risk sentiment in the general marketplace. June gold was last up $22.40 at $2,331.30. July silver was last up $0.845 at $27.54.
Risk appetite in the general marketplace has up-ticked the past couple weeks as geopolitical tensions have not escalated and following last Friday’s “Goldilocks” U.S. jobs report that was not too hot and not too cold. Apparently, on this day, gold and silver traders are focused more on the better-global-demand aspects of more upbeat sentiment coming off last Friday’s U.S. jobs report, and less on the present marketplace atmosphere of less risk aversion denting safe-haven demand.
Gold is also seeing underlying support from news reports and analysts notes that remind the marketplace of the better central bank demand for gold seen the past several months. Many in the marketplace think the central banks are the “smart money” in the marketplace.
The key outside markets today see the U.S. dollar index slightly down. Nymex crude oil prices are higher and trading around $78.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is fetching around 4.5%.
Technically, June gold futures bulls have the overall near-term technical advantage. A price downtrend is still in place on the daily bar chart, however. Bulls’ next upside price objective is to produce a close above solid resistance at $2,400.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,250.00. First resistance is seen at today’s high of $2,341.90 and then at $2,350.00. First support is seen at $2,300.00 and then at last week’s low of $2,285.20. Wyckoff's Market Rating: 6.5.
July silver futures bulls have the overall near-term technical advantage. However, a price downtrend is still in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $28.00. The next downside price objective for the bears is closing prices below solid support at $26.00. First resistance is seen at today’s high of $27.67 and then at $28.00. Next support is seen at $27.00 and then at today’s low of $26.655. Wyckoff's Market Rating: 6.0
July N.Y. copper closed up 510 points at 460.80 cents today. Prices closed nearer the session high today. The copper bulls have the solid overall near-term technical advantage. Prices are in a three-month-old uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 480.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 440.00 cents. First resistance is seen at today’s high of 463.85 cents and then at the April high of 469.45 cents. First support is seen at today’s low of 453.55 cents and then at 450.00 cents. Wyckoff's Market Rating: 7.5.
