(Kitco News) - Gold and silver prices are lower in early U.S. trading Tuesday, following recent solid gains that saw gold hit a record high of $2,454.20 an ounce, basis June Comex futures on Monday, and silver hit an 11-year high of $32.75 an ounce, basis July Comex futures. Routine profit-taking from the shorter-term futures traders is featured today. Bulls still have the solid near-term technical advantage in both precious metals markets, with no early chart clues that market tops are close at hand. June gold was last down $10.00 at $2,428.50. July silver was last down $0.401 at $32.025.
Asian and European stock indexes were mixed to weaker overnight. U.S. stock indexes are pointed toward mixed openings when the New York day session begins. There was no fresh, markets-moving news overnight.
The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are down and trading around $78.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is fetching 4.43%.
U.S. economic data due for release Tuesday is light and includes the weekly Johnson Redbook retail sales report.
Technically, the gold futures bulls have the solid overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at $2,500.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,350.00. First resistance is seen at the overnight high of $2,436.90 and then at the record high of $2,454.20. First support is seen at the overnight low of $2,408.50 and then at $2,400.00. Wyckoff's Market Rating: 8.5.
The silver bulls have the solid overall near-term technical advantage. Prices are in a steep three-week-old uptrend on the daily bar chart. Silver bulls' next upside price objective is closing July futures prices above solid technical resistance at $35.00. The next downside price objective for the bears is closing prices below solid support at $30.00. First resistance is seen at $32.50 and then at this week’s high of $32.75. Next support is seen at the overnight low of $31.28 and then at $31.00. Wyckoff's Market Rating: 8.5.
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