(Kitco News) - Gold prices were ending the U.S. day session modestly higher Thursday, on a mild technical rebound from the recent selling. Prices have been trading choppy and sideways for the past week, amid a lack of new, bullish fundamental developments. June Comex gold was last up $2.90 an ounce at $1,256.00. July Comex silver was last up $0.073 at $17.19 an ounce.
The gold bulls should be happy with today’s modest gains, given the rally in the competing asset class U.S. stock indexes to new record highs Thursday. Also, the raw commodity sector leader crude oil saw sharp price declines today, which was a bearish element for the sector on this day.
Reports overnight said OPEC oil cartel officials and the Russians have just agreed to extend their current crude oil production cuts by another nine months, but not make deeper cuts in production. The move was expected, although some crude oil bulls were hoping the cartel would announce deeper production cuts.
Market watchers were still digesting the Federal Reserve’s FOMC minutes from the early-May meeting, which were released Wednesday afternoon. The minutes were deemed just a bit dovish on U.S. monetary policy and suggested to some that the Fed may not make a move to raise interest rates at the June FOMC meeting. The precious metals saw some minor support coming from the minutes. Still, most expect more slight interest rate increases from the Fed this year. The Fed made its last interest rate increase in March.
The key other outside market on Thursday saw the U.S. dollar index trade slightly lower. The greenback bears remain in firm near-term technical control.
![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. Trading has been choppy the past week. The gold bulls still have the slight overall near-term technical advantage, but need to show fresh power soon to keep it. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,300.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at last week’s low of $1,226.80. First resistance is seen at last week’s high of $1,265.00 and then at $1,268.00. First support is seen at this week’s low of $1,247.60 and then at 1,241.50. Wyckoff's Market Rating: 5.5
July silver futures prices closed near mid-range. The silver market bears have the overall near-term technical advantage. However, the bulls have momentum to suggest a market bottom is in place. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the May low of $16.06. First resistance is seen at this week’s high of $17.305 and then at $17.50. Next support is seen at this week’s low of $16.84 and then at $16.60. Wyckoff's Market Rating: 3.0.
July N.Y. copper closed up 130 points at 259.65 cents today. Prices closed near mid-range and did hit a four-week high today. The copper bulls and bears are back on a level overall near-term technical playing field. 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 May low of 247.25 cents. First resistance is seen at today’s high of 261.95 cents and then at 263.00 cents. First support is seen at this week’s low of 255.55 cents and then at 252.50 cents. Wyckoff's Market Rating: 5.0.
