(Kitco News) - Gold prices are modestly higher in quitter dealings at midday Monday. In narrow, two-sided trading to start the week, the yellow metal is pausing amid a lack of major, new fundamental developments. Silver prices are solidly higher and hit another 13-year high overnight. August gold was last up $3.80 at $3,350.30. July silver prices were last up $0.621 at $36.76.
U.S. and China trade officials met in London today. President Trump said the talks “should go very well.”
The key outside markets today see the U.S. dollar index weaker. Nymex crude oil futures prices are slightly up and trading around $64.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently a around 4.5%.
Technically, August gold futures bulls have the firm overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at last week’s high of $3,427.70. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $3,250.00. First resistance is seen at today’s high of $3,353.50 and then at $3,375.00. First support is seen at the overnight low of $3,313.10 and then at $3,300.00. Wyckoff's Market Rating: 7.0.
July silver futures bulls have the strong overall near-term technical advantage. Prices are trending higher on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $40.00. The next downside price objective for the bears is closing prices below solid support at $34.00. First resistance is seen at $37.00 and then at $37.50. Next support is seen at $36.50 and then at $36.00. Wyckoff's Market Rating: 8.5.
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