(Kitco News) - Gold prices are moderately up and silver prices are slightly lower in midday U.S. trading Monday. Gold hit a five-week low overnight but then would-be bargain hunters stepped in to buy the dip. Risk-on trading attitudes are still prevalent to start the U.S. holiday-shortened trading week, and that has limited the upside in the safe-haven metals. August gold was last up $18.60 at $3,305.90. July silver prices were last down $0.152 at $35.885.
U.S. stock indexes are firmer at midday but off a bit from session highs. The Nasdaq and S&P 500 indexes hit record highs again today. Keener trader/investor risk appetite in the general marketplace recently is boosting equities. However, a Barrons headline today reads: “Trump tariffs and inflation could rain on stock markets’ summer surge.” Weekend reports said the U.S. has cut off trade talks with Canada.
Today is the last trading day of the month and of the quarter, making it an extra special trading day for technical traders.
The key outside markets today see the U.S. dollar index lower and hit a 3.5-year low. Nymex crude oil futures prices are weaker and trading around $65.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.25%.
It’s a busy U.S. data dump during this holiday-shortened trading week. Thursday comes the U.S. data point of the week: the employment situation report for June from the Labor Department. U.S. markets are closed Friday for the Independence Day holiday.
Technically, August gold futures bulls have the overall near-term technical advantage but are fading. Bulls’ next upside price objective is to produce a close above solid resistance at $3,400.00. 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 $3,307.90 and then at Friday’s high of $3,341.40. First support is seen at last week’s low of $3,266.50 and then at the overnight low of $3,250.50. Wyckoff's Market Rating: 6.0.
July silver futures bulls have the overall near-term technical advantage but trading has turned choppy and sideways at higher levels recently. Silver bulls' next upside price objective is closing prices above solid technical resistance at the June high of $37.405. The next downside price objective for the bears is closing prices below solid support at $34.00. First resistance is seen at the overnight high of $36.12 and then at $36.50. Next support is seen at last week’s low of $35.195 and then at $35.00. Wyckoff's Market Rating: 6.5.
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