(Kitco News) - Gold and silver prices are posting strong losses in midday U.S. trading Monday, on keen uncertainty regarding U.S. tariffs on gold imports. December gold was last down $81.80 at $3,409.70. September silver prices were last down $0.702 at $37.845.
Gold prices were hit hard today, after a strong rally early Friday, as traders await and contemplate further clarification from the Trump administration over its gold import tariff policy. The administration had exempted the precious metal from duties back in April, and until there is long-term clarity precious metals markets may remain on edge. Joseph Cavatoni, senior market strategist for North America at the World Gold Council, wrote that "we see the various segments of the gold markets behaving in an orderly manner as the industry awaits this potential clarification".
The key outside markets today see the U.S. dollar index solidly up. Nymex crude oil futures are near steady and trading around $64.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.26%.
There was no major U.S. economic data released Monday. However, key inflation reports are on deck this week.
Technically, December gold futures bulls have the firm overall near-term technical advantage but faded today. Bulls’ next upside price objective is to produce a close above solid resistance at $3,500.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the July low of $3,319.20. First resistance is seen at $3,450.00 and then at the overnight high of $3,466.30. First support is seen at today’s low of $3,397.30 and then at $3,350.00. Wyckoff's Market Rating: 7.0.
September silver futures bulls have the firm overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the July high of $39.91. The next downside price objective for the bears is closing prices below solid support at the July low of $36.28. First resistance is seen at the overnight high of $38.56 and then at last week’s high of $38.875. Next support is seen at today’s low of $37.615 and then at $37.50. Wyckoff's Market Rating: 7.0.
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