(Kitco News) - Gold prices ended the U.S. day session near unchanged levels Monday. Some early safe-haven demand gave way to some selling pressure tied to a mild rally in the U.S. stock indexes. A lower U.S. dollar index Monday did work to limit the selling interest in the precious metals markets. June Comex gold was last up $1.10 at $1,235.70 an ounce. May Comex silver was last down $0.048 at $16.265 an ounce.
The highly anticipated oil producers’ meeting in Doha, Qatar took place during the weekend and ended Sunday without agreement on any production limitations. The apparent sticking point was that Iran would not bow to Saudi Arabia’s demand that it, too, lower its oil production. The crude oil markets were lower Monday, but well up from the daily low, with Nymex crude oil down around $39.75.
World stock markets were mostly weaker overnight following the Doha oil meeting, amid a mild risk-off trading day that is benefiting safe-haven gold. The crude oil market continues to be the tail that wags the dog, regarding world stock market price action recently. Japan’s stock market was sharply lower Monday in the wake of a series of earthquakes that have hit that nation. U.S. stock indexes were firmer in afternoon trading.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, June gold futures prices closed nearer the session low. The gold bulls still have the overall near-term technical advantage but trading has been choppy recently. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the April week’s high of $1,264.70. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the March low of 1,207.70. First resistance is seen at today’s high of $1,243.30 and then at $1,250.00. First support is seen at last week’s low of $1,225.40 and then at $1,220.00. Wyckoff’s Market Rating: 6.0
May silver futures prices closed nearer the session high today. Price Friday hit a 10-month high. The silver market bulls have the overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $17.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $15.50. First resistance is seen at last week’s high of $16.395 and then at $16.50. Next support is seen at $16.00 and then at $15.80. Wyckoff's Market Rating: 6.5.
May N.Y. copper closed up 135 points at 216.60 cents today. Prices closed nearer the session high. The copper bears still have the overall near-term technical advantage. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at 225.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 205.00 cents. First resistance is seen at last week’s high of 218.00 cents and then at 220.00 cents. First support is seen at today’s low of 212.80 cents and then at 210.00 cents. Wyckoff's Market Rating: 3.5.
By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
