(Kitco News) - Gold prices were ending the U.S. day session near unchanged levels Monday. Moderate early gains eroded as the New York session progressed. Some short covering in the futures market and perceived value buying in the cash market were featured to start the trading day. Prices overnight did drop to a seven-week low. June Comex gold was last up $0.70 an ounce at $1,227.50. July Comex silver was last down $0.004 at $16.27 an ounce.
There was no major U.S. economic or U.S. political news Monday to drive the markets.
Sunday’s French presidential election saw the centrist candidate Emmanuel Macron easily defeat the right-wing candidate Marine LePen. Macron was expected to win handily and world markets did not show significant reactions. The Euro currency did hit a seven-month high early Monday, but then backed off.
A feature in the marketplace last week was the steep drop in crude oil prices. Nymex crude oil futures prices last Friday hit a low of $43.76 a barrel, which is a 12.5-month low. Friday’s high-range close does hint the oil bears are exhausted. Oil prices Monday trading near steady at just above $46.00.
The other key outside market Monday saw the U.S. dollar index trade higher on short covering after hitting a nearly six-month low overnight. The greenback bears still have the 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 near mid-range today. The gold bears have the overall near-term technical advantage. Prices are in a 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 $1,236.90 and then at $1,241.50. First support is seen at today’s low of $1,221.00 and then at 1,210.00. Wyckoff's Market Rating: 4.0
July silver futures prices closed nearer the session low. Prices are hovering near last week’s 3.5-month low. The silver market bears have the solid overall near-term technical advantage amid the recent steep downdraft in prices. 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 $16.53 and then at $16.645. Next support is seen at last week’s low of $16.215 and then at $16.00. Wyckoff's Market Rating: 2.0.
July N.Y. copper closed down 350 points at 249.35 cents today. Prices closed nearer the session low and hit a 4.5-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 270.00 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 254.70 cents and then at 258.00 cents. First support is seen at today’s low of 247.25 cents and then at 246.25 cents. Wyckoff's Market Rating: 4.0.
