(Kitco News) - Gold prices ended the U.S. day session modestly lower Monday, amid an improving general world trader/investor risk appetite. There was no major, fresh fundamental news in the marketplace Monday to influence the precious metals. June Comex gold was last down $3.70 at $1,219.80 an ounce. May Comex silver was last down $0.091 at $14.955 an ounce.
Global stock markets were mixed in quieter trading Monday. Chinese markets were closed for a holiday. U.S. stock indexes were modestly lower Monday afternoon.
The key “outside markets” on Monday saw the U.S. dollar index weaker. The greenback hit a seven-month low late last week and dollar index prices are in a near-term downtrend. Meantime, Nymex crude oil prices were lower and hit a four-week low Monday. Weakening oil prices recently have had a negative impact on many other raw commodity markets, including the precious metals.There are growing notions that a major oil-producers’ meeting in mid-April will not produce a production-constraint agreement. Russia, Saudi Arabia, Iran and other smaller oil producers are scheduled to hold a meeting on April 17.
Technically, June gold futures prices closed near mid-range. Gold bulls have the overall near-term technical advantage, but are fading as a three-week-old downtrend is in place on the daily bar chart. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,246.80. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at 1,200.00. First resistance is seen at $1,226.00 and then at Friday’s high of $1,237.20. First support is seen at the March low of $1,207.70 and then at $1,200.00. Wyckoff’s Market Rating: 6.0
May silver futures prices closed nearer the session low today. The silver market bears have the overall level near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the March high of $16.17 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.61. First resistance is seen at today’s high of $15.105 and then at $15.25. Next support is seen at last week’s low of $14.785 and then at $14.61. Wyckoff's Market Rating: 4.0.
May N.Y. copper closed down 210 points at 214.20 cents today. Prices closed near the session low today and hit a four-week low. The copper bears have the overall near-term technical advantage. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at the March high of 232.35 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the 205.00 cents. First resistance is seen at today’s high of 217.30 cents and then at 220.00 cents. First support is seen at today’s low of 213.65 cents and then at 212.00 cents. Wyckoff's Market Rating: 3.0.
By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow me on Twitter @jimwyckoff
