(Kitco News) - Gold prices were moderately up and hit a five-week high in early-afternoon U.S. trading Monday. Bullish traders stepped in to buy the overnight dip as the U.S. day session got under way. The technical posture of the gold market has improved markedly just recently, which is inspiring more chart-based buying interest. April Comex gold futures were last up $5.30 an ounce at $1,355.20. May Comex silver was last up $0.133 at $16.715 an ounce.
Gold scored gains today despite better risk appetite in the marketplace to start the trading week. World stock markets were mostly higher Monday. U.S. stock indexes were holding solid gains in early afternoon trading.
Reports Sunday said Chinese trade officials have agreed to sit down and negotiate with U.S. trade officials regarding the U.S.’s issues regarding bilateral trade with China. U.S. Treasury Secretary Steve Mnuchin on Sunday said the U.S. was “working on a pathway” to reach agreement with the Chinese. And the South Koreans have agreed to some U.S. terms on U.S. trade disputes with that country. All of the above has made a world trade war less likely. The less risk aversion is still one negative for the safe-haven gold and silver markets.
The key “outside markets” on Monday saw the U.S. dollar index lower and hitting a five-week low. The weaker greenback worked in favor of the precious metals markets bulls today. The greenback bears have downside momentum. Meantime, Nymex crude oilprices were lower on some profit taking after hitting a two-month high overnight.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, April gold futures bulls have the overall near-term technical advantage and have technical momentum on their side. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at the January high of $1,370.50. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,320.00. First resistance is seen at today’s high of $1,356.00 and then at the February high of $1,364.40. First support is seen at today’s low of $1,343.40 and then at $1,335.00. Wyckoff's Market Rating: 6.5
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
May silver futures bears have the slight overall near-term technical advantage. However, the bulls have gained some upside technical momentum recently. 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 March low of $16.10. First resistance is seen at today’s high of $16.795 and then at the March high of $16.895. Next support is seen at $16.50 and then at $16.33. Wyckoff's Market Rating: 4.5.
May N.Y. copper closed down 210 points at 297.15 cents today. Prices closed near mid-range today and hit a six-month low. The copper bears have the slight near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 310.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the September low of 293.25 cents. First resistance is seen at 300.00 cents and 303.05 cents. First support is seen at 293.25 cents and then at 292.00 cents. Wyckoff's Market Rating: 4.0.
