(Kitco News) - Gold and silver prices are solidly higher in midday U.S. trading Thursday. Silver is leading the way and hit a three-week high. A weaker U.S. dollar index on this day is helping out the precious metals bulls. Technical buying in gold and silver is also featured today, as charts remain bullish. June gold was last up $18.20 at $2,340.50. July silver was last up $0.794 at $28.40.
It’s been a quieter week for fresh, markets-moving fundamental news, so gold and silver traders have been looking to key outside markets and the charts for daily price direction.
The key outside markets today see the U.S. dollar index weaker. Nymex crude oil prices are a bit higher trading around $79.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is fetching 4.49%.
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 $2,250.00 and then at $2,264.40. First support is seen at today’s low of $2,312.90 and then at $2,300.00. Wyckoff's Market Rating: 6.5.
July silver futures prices hit a three-week high today. The silver bulls have the overall near-term technical advantage and gained more power today. A price downtrend on the daily bar chart has been negated. Silver bulls' next upside price objective is closing prices above solid technical resistance at $29.00. The next downside price objective for the bears is closing prices below solid support at $27.00. First resistance is seen at today’s high of $28.44 and then at $29.00. Next support is seen at $28.00 and then at today’s low of $27.515. Wyckoff's Market Rating: 6.5.
July N.Y. copper closed down 370 points at 457.95 cents today. Prices closed near 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 460.00 cents and then at this week’s high of 464.50 cents. First support is seen at this week’s low of 450.50 cents and then at last week’s low of 446.60 cents. Wyckoff's Market Rating: 7.5
