Gold, silver lower on bearish daily outside markets
Gold, silver lower on bearish daily outside markets teaser image
Gold and silver prices are lower, with gold solidly down, in midday U.S. trading Monday. There is a lack of major, fresh fundamental news to drive the metals markets to start the trading week, so gold and silver traders were focused on the outside markets, which are in a mostly bearish daily posture. U.S. Treasury yields have up-ticked and the competing asset class of equities sees the U.S. stock indexes at or near record highs. August gold was last down $24.80 at $2,324.00. July silver was last down $0.257 at $29.215.
Technical selling is also featured in the gold and silver markets today, as the near-term chart postures for both precious metals has deteriorated the past few weeks.
Despite the U.S. federal “Juneteenth” holiday on Wednesday, when U.S. markets are closed, it’s still a busy week for U.S. data, highlighted by the retail sales report out on Tuesday.
The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are firmer and trading around $79.25 a barrel. The benchmark 10-year U.S. Treasury note yield is presently 4.289%.
Technically, August gold bulls and bears are on a level overall near-term technical playing field amid recent choppy trading. Bulls’ next upside price objective is to produce a close above solid resistance at the June high of $2,406.70. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the June low of $2,304.20. First resistance is seen at $2,350.00 and then at last week’s high of $2,358.80. First support is seen at Friday’s low of $2,316.70 and then at the June low of $2,304.20. Wyckoff's Market Rating: 5.0.
July silver futures bulls have the overall near-term technical advantage. However, prices are trending down on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $31.00. The next downside price objective for the bears is closing prices below solid support at $28.00. First resistance is seen at today’s high of $29.65 and then at $30.00. Next support is seen at $29.00 and then at this week’s low of $28.73. Wyckoff's Market Rating: 6.0.
Kitco Media
Jim Wyckoff
Tim Moseley