(Kitco News) - Gold prices are slightly up and silver prices slightly down in early U.S. trading Monday. The precious metals markets are pausing to begin the trading week, and awaiting fresh fundamental news developments. June gold was last up $5.80 at $3,304.20. May silver prices were last down $0.025 at $32.985.
Asian and European stock markets were mixed in overnight trading. U.S. stock indexes are pointed to modestly lower openings today in New York. There is still some risk aversion in the general marketplace to start the trading week.
A Chinese official said over the weekend that U.S. should revoke unilateral tariffs on China if it wants to sort the trade issues between the two nations. He Yadong, a spokesperson for the Ministry of Commerce, also said that China and the U.S. are currently not in talks and the U.S. must show sincerity if it wants to talk. Shipments from China to the U.S. have plummeted 60% since the U.S. raised tariffs to 145% in April, according to broker SP Angel. Meantime, President Trump has said new tariffs on China could come in the next two to three weeks.
The key outside markets today and see the U.S. dollar index firmer. Nymex crude oil futures prices are slightly weaker and trading around $62.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.274%.
U.S. economic data due for release Monday is light and includes the Texas manufacturing outlook survey.
Technically, June gold futures bulls have the solid overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at the contract high of $3,509.90. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $3,200.00. First resistance is seen at the overnight high of $3,348.20 and then at Friday’s high of $3,384.10. First support is seen last week’s low of $3,270.80 and then at $3,250.00. Wyckoff's Market Rating: 7.0.
May silver futures bulls have the firm overall near-term technical advantage. Prices are in an uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $35.00. The next downside price objective for the bears is closing prices below solid support at $32.00. First resistance is seen at last week’s high of $33.69 and then at $34.00. Next support is seen at the overnight low of $32.585 and then at $32.00. Wyckoff's Market Rating: 7.0.
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