(Kitco News) - Gold and silver prices are sharply higher near midday Monday, with gold notching a four-week high. Silver futures are poised for a nearly 14-year high close today. The precious metals are being boosted by a solidly lower U.S. dollar index and a decline in U.S. Treasury yields to start the trading week. August gold was last up $56.50 at $3,415.00. September silver prices were last up $0.851 at $39.315.
The key outside markets today see the U.S. dollar index solidly lower as the USDX bulls are quickly fading after last week’s gains. Nymex crude oil futures are slightly down and trading around $67.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.3%.
Technically, August gold futures bulls have the firm overall near-term technical advantage and gained fresh power today. Bulls’ next upside price objective is to produce a close above solid resistance at the June high of $3,476.30. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $3,300.00. First resistance is seen at $3,425.00 and then at $3,450.00. First support is seen at $3.400.00 and then at the overnight low of $3,351.00. Wyckoff's Market Rating: 7.0.
September silver futures bulls have the solid overall near-term technical advantage. Prices are in a four-month-old uptrend 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 $37.00. First resistance is seen at the July high of $39.57 and then at $40.00. Next support is seen at the overnight low of $38.365 and then at $38.00. 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
