(Kitco News) - Gold prices were ending the U.S. day session down and scored a seven-week low Tuesday. Risk appetite in the world marketplace remains keener early this week, which is bearish for the safe-haven yellow metal. Silver prices were also weaker and hit a four-month low today. June Comex gold was last down $10.20 an ounce at $1,217.10. July Comex silver was last down $0.133 at $16.125 an ounce.
World stock markets were mostly higher Tuesday, supported by crude oil prices somewhat stabilizing early this week after last week’s plunge that pushed oil prices to a 12.5-month low. Nymex crude oil futures were weaker Tuesday. Oil bears remain in firm near-term technical control. Major U.S. stock indexes early this week have hit record highs, to keep investor demand for the competing asset class precious metals tepid.
The other key outside market Tuesday saw the U.S. dollar index higher and hit a three-week high on more short covering. The firmer greenback did limit buying interest in the precious metals markets today. However, the U.S. dollar bears do 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 nearer the session low 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 $1,250.00. 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 $1,228.70 and then at this week’s high of $1,236.90. First support is seen at today’s low of $1,215.60 and then at 1,210.00. Wyckoff's Market Rating: 3.5
July silver futures prices closed near the session low and hit a four-month low today. 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 the December low of $15.859. First resistance is seen at today’s high of $16.315 and then at this week’s high of $16.455. Next support is seen at $16.00 and then at $15.859. Wyckoff's Market Rating: 1.5.
July N.Y. copper closed up 65 points at 250.00 cents today. Prices closed near mid-range. Prices Monday hit a 4.5-month low. 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 this week’s high of 254.70 cents and then at 258.00 cents. First support is seen at this week’s low of 247.25 cents and then at 246.25 cents. Wyckoff's Market Rating: 4.0.
