(Kitco News) - Gold and silver prices are modestly down near midday Tuesday, on profit-taking pressure from the shorter-term futures traders and amid a lack of fresh, price-positive fundamental news to re-energize the precious metals bulls. August gold was last down $11.30 at $3,343.30. July silver prices were last down $0.196 at $36.60.
U.S. stock indexes are firmer near midday, which is also a mild negative for the safe-haven metals. Much of the marketplace is pausing early this week amid the closely watched U.S.-China trade talks in London that entered a second day but with no official announcements on any progress. There are rumors of some progress in the talks, with some news outlets reporting both sides are willing to make some concessions.
The key outside markets today see the U.S. dollar index slightly up. Nymex crude oil futures prices are slightly up and trading around $65.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.45%.
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 $3,375.00 and then at $3,400.00. First support is seen at the overnight low of $3,321.30 and then at this week’s low of $3,313.10. 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 this week’s high of $37.03 and then at $37.50. Next support is seen at the overnight low of $36.425 and then at $36.00. Wyckoff's Market Rating: 8.5.
(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
