(Kitco News) - Gold prices are trading modestly up in early U.S. action Tuesday, and not far below last week’s record high. Silver prices are posting slight gains. It appears gold traders are generally pausing at the moment and awaiting fresh fundamental news. June gold was last up $7.80 at $3,234.10. May silver prices were last up $0.103 at $32.27.
Asian and European stock markets were mostly firmer in overnight trading. U.S. stock indexes are pointed to near steady openings today in New York. Reads a Barron’s headline today: “Stock markets have weathered the Trump tariffs storm; don’t be fooled by a lull.”
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%.
U.S. economic data due for release Tuesday includes the weekly Johnson Redbook retail sales report, the Empire State manufacturing survey, and import and export prices.
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.
(Hey! My “Markets Front Burner” weekly email report is my best writing and analysis, I think, because I get to look ahead at the marketplace and do some market price forecasting. Plus, I’ll throw in an educational feature to move you up the ladder of trading/investing success. And it’s free! Sign up here; it’s real easy. https://www.kitco.com/services
