(Kitco News) - Gold prices ended the U.S. day session with decent gains, hitting a four-week high and closed at a bullish monthly high close Wednesday, the last trading day of May. A price uptrend on the daily chart is prompting chart-based buying interest. Meantime, a down-trending U.S. dollar index is also favorable for the precious metals market bulls. August Comex gold was last up $8.20 an ounce at $1,273.90. July Comex silver was last down $0.062 at $17.365 an ounce.
The important “outside markets” on Wednesday saw Nymex crude oil futures prices solidly lower. The oil market bears have regained downside momentum this week.
The U.S. dollar index was also lower. The greenback bears are still in firm near-term technical control as the dollar index is in a nearly three-month-old downtrend.
Traders and investors are looking forward to Friday’s U.S. employment report for May from the Labor Department. That report is arguably the most important U.S. economic data point of the month. The key non-farm payrolls number for May is forecast to come in at up around 210,000.
Several Federal Reserve Board members are speaking this week. Their comments will be parsed for clues on the timing of the next U.S. interest rate increase. The FOMC meets to discuss monetary policy in mid-June. Many Fed watchers think the June FOMC meeting will see a rate hike announced.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, August gold futures prices closed nearer the session high today and closed at a bullish monthly high close. The gold bulls have the overall near-term technical advantage. Prices are in a three-week-old uptrend on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,300.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,250.00. First resistance is seen at $1,280.00 and then at $1,285.00. First support is seen at $1,268.00 and then at this week’s low of 1,261.80. Wyckoff's Market Rating: 6.0
July silver futures prices closed near the session high today. The silver market bulls and bears are on a level overall near-term technical playing field, but the bulls have some momentum on their side. Prices are in a steep three-week-old uptrend on the daily bar chart. 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 $16.50. First resistance is seen at this week’s high of $17.465 and then at $17.75. Next support is seen at this week’s low of $17.205 and then at $17.00. Wyckoff's Market Rat
ing: 5.0.
July N.Y. copper closed up 180 points at 258.20 cents today. Prices closed near the session high today. The copper bulls and bears are 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 this week’s high of 259.45 cents and then at the May high of 261.95 cents. First support is seen at this week’s low of 253.90 cents and then at 250.00 cents. Wyckoff's Market Rating: 5.0.
