(Kitco News) - Gold prices are trading modestly up in quieter midday U.S. action Tuesday and not far below last week’s record high. Silver prices are near steady. Gold and silver traders are generally pausing at the moment and awaiting fresh fundamental news to drive price action. June gold was last up $10.90 at $3,237.20. May silver prices were last up $0.023 at $32.19.
The key outside markets today see the U.S. dollar index near steady. Nymex crude oil futures prices are slightly lower and trading around $61.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.38%.
Technically, June gold futures bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,300.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $3,100.00. First resistance is seen at the contract high of $3,263.00 and then at $3,275.00. First support is seen at this week’s low of $3,208.70 and then at $3,200.00. Wyckoff's Market Rating: 9.0.
May silver futures bulls have the overall near-term technical advantage. Prices are in an uptrend on the daily bar chart after forming a bullish V-bottom reversal pattern. Silver bulls' next upside price objective is closing prices above solid technical resistance at $34.00. 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 $33.00. Next support is seen at this week’s low of $31.655 and then at $31.365. Wyckoff's Market Rating: 6.5.
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