(Kitco News) - Gold prices were ending the U.S. day session sharply down and hit a six-week low Thursday. Crude oil prices dropped to a nine-month low of $45.63 a barrel, which hit most of the raw commodity sector hard to the downside today, including the precious metals. Rallying world stock markets and minimal risk aversion in the marketplace are also keeping buyers of the safe-haven metal very scarce. June Comex gold was last down $18.10 an ounce at $1,230.40. July Comex silver was last down $0.201 at $16.345 an ounce.
As goes the crude oil market, so go most other raw commodity markets, and that was the case Thursday. “Black gold” today showed it clearly leads the raw commodity sector.
Traders are awaiting Friday morning’s U.S. jobs report for April from the Labor Department. The key non-farm payrolls number is forecast to come in at up around 190,000.
The marketplace is also awaiting this weekend’s French presidential elections. A surprise win by the right-wing candidate Marine Le Pen would likely roil many stock and financial markets. However, centrist candidate Emmanuel Macron fared pretty well in a televised debate Wednesday evening, which assuaged European market watchers. Macron is heavily favored to win Sunday’s election.
The other key outside markets on Thursday saw the U.S. dollar index trade lower. The greenback bears have the slight overall near-term technical advantage.
![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 today. The gold bears have gained the overall near-term technical advantage. Prices are in an accelerating three-week-old downtrend on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,265.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,200.00. First resistance is seen at today’s high of $1,241.70 and then at $1,250.00. First support is seen at today’s low of $1,225.70 and then at 1,220.00. Wyckoff's Market Rating: 4.0
July silver futures prices closed nearer the session low and hit another 3.5-month low today. The silver market bears have the solid overall near-term technical advantage amid the recent steep downdraft in prices. This market is way short-term oversold, technically, and due for a decent bounce very soon. 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 $16.00. First resistance is seen at today’s high of $16.645 and then at $16.895. Next support is seen at today’s low of $16.215 and then at $16.00. Wyckoff's Market Rating: 2.0.
July N.Y. copper closed down 320 points at 251.15 cents today. Prices closed near mid-range and hit a three-month low today. The copper bears have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 273.10 cents. The next downside price objective for the bears is closing prices below solid technical support at the December low of 246.25 cents. First resistance is seen at today’s high of 254.55 cents and then at 258.00 cents. First support is seen at today’s low of 249.00 cents and then at 246.25 cents. Wyckoff's Market Rating: 4.0.
