(Kitco News) - Gold and silver prices were ending the U.S. day session firmer Monday. The key “outside markets” were in a bullish daily posture for the precious metals to start the trading week—a lower U.S. dollar index and higher crude oil prices. June Comex gold was last up $3.90 an ounce at $1,231.60. July Comex silver was last up $0.238 at $16.64 an ounce.
Short covering in the futures markets and bargain hunting in the cash markets were featured in gold and silver markets, as both have seen significant selling pressure recently.
The feature in the marketplace early this week is a continuation of the recent rally in the crude oil market. Nymex crude oil futures prices are challenging $50 a barrel. Reports said Saudi Arabia and Russia have agreed to extend the current OPEC-Russia oil-production-reduction accord by nine months. Nymex crude oil prices have rallied around $6.00 a barrel from the May low.
The world marketplace has not reacted much to weekend news that North Korea launched another ballistic missile and that a major cyber-attack that started late Friday has hit computers around the world.
The other outside market on Monday saw the U.S. dollar index trade lower. The greenback bears 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. The gold bears still have the overall near-term technical advantage. Prices are still in a four-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 $1,237.40 and then at $1,241.50. First support is seen at $1,225.00 and then at 1,220.00. Wyckoff's Market Rating: 4.0
July silver futures closed near mid-range. The silver market bears still have the overall near-term technical advantage. However, it appears that a market bottom is now in place. 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 $16.815 and then at $17.00. Next support is seen at today’s low of $16.41 and then at $16.25. Wyckoff's Market Rating: 3.0.
July N.Y. copper closed up 180 points at 254.20 cents today. Prices closed nearer the session high today on short covering. The key outside markets were bullish for copper today as the U.S. dollar index was lower and crude oil prices were higher. 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 255.70 cents and then at 258.00 cents. First support is seen at today’s low of 251.80 cents and then at 250.00 cents. Wyckoff's Market Rating: 4.0.
