(Kitco News) - Gold and silver prices are down on some normal profit taking from the shorter-term futures traders in midday U.S. dealings Monday. Silver prices scored a nearly 14-year high overnight. There is some mild risk aversion in the general marketplace early this week that is somewhat limiting selling interest in the safe-haven metals. August gold was last down $10.90 at $3,353.90. September silver prices were last down $0.32 at $38.635.
Risk appetite in the general marketplace is suppressed to start the trading week, following the Trump administration’s renewed hawkish tone on trade tariffs against other nations. The Trump administration has sent out notifications to U.S. trading partners recently, threatening import tariffs mostly in the 20% to 30% range. The European Union was notified over the weekend it is looking at a 30% tariff. Mexico and Canada are reported to face 30% and 35% tariffs, respectively.
The key outside markets today see the U.S. dollar index firmer. Nymex crude oil futures prices are lower and trading around $67.31 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.45%.
There was no major U.S. economic data released Monday. But the pace picks up Tuesday with the data point of the week: the consumer price index report for June, which is seen coming in at up 2.7%, year-on-year, compared to up 2.4% in the May report.
Technically, August gold futures bulls have the overall near-term technical advantage. 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 the June low of $3,250.50. First resistance is seen at the overnight high of $3,389.30 and then at $3,400.00. First support is seen at $3,325.00 and then at $3,300.00. Wyckoff's Market Rating: 7.0
September silver futures bulls have the solid overall near-term technical advantage. 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 $36.00. First resistance is seen at the overnight high of $39.57 and then at $40.00. Next support is seen at $38.50 and then at $38.00. Wyckoff's Market Rating: 8.0
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