(Kitco News) -Gold prices were ending the U.S. day session firmer Thursday, supported by some short covering by the shorter-term futures traders and on perceived bargain hunting in the cash market. Weaker U.S. stock indexes today are also a positive for the safe-haven gold market. June Comex gold was last up $5.80 an ounce at $1,224.70. July Comex silver was last up $0.133 at $16.34 an ounce.
The outside markets on Thursday also benefitted the precious metals market bulls. The U.S. dollar index was slightly higher. Crude oil prices were also higher today. Oil prices have made a good rebound this week, after scoring a 12.5-month low last week. This week’s rally in crude suggests the market has put in a near-term bottom. That would be good news for the raw commodity markets, including the precious metals.
The geopolitical front has been quieter the past few weeks. That has limited trader and investor demand for gold. However, I look for geopolitical matters to become more prevalent in the markets in the coming weeks and months. That should benefit the gold market.
![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 high today. The gold bears still 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 $1,227.70 and then at this week’s high of $1,236.90. First support is seen at this week’s low of $1,214.30 and then at 1,210.00. Wyckoff's Market Rating: 3.5
July silver futures prices closed near mid-range and saw tepid short covering in a bear market. Prices earlier this week hit a four-month low. The silver market bears have the solid 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 the December low of $15.859. First resistance is seen at today’s high of $16.39 and then at this week’s high of $16.455. Next support is seen at this week’s low of $16.06 and then at $16.00. Wyckoff's Market Rating: 1.5.
July N.Y. copper closed up 85 points at 250.30 cents today. Prices closed nearer the session low today. Prices earlier this week 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 today’s high of 255.30 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.
