(Kitco News) - Gold prices were modestly down but up from their daily lows in midday U.S. trading Tuesday. The safe-haven metals are holding their own despite a more robust trader and investor risk appetite in the marketplace early this week, as seen by rallying world equities markets. June Comex gold futures were last down $2.40 an ounce at $1,348.20. May Comex silver was last up $0.103 at $16.775 an ounce.
World stock markets were mostly higher today, with U.S. stock indexes solidly higher in midday New York day trading. Focus has turned from the bearish specter of geopolitics to the bullish element of generally strong global corporate earnings reports.
Still, U.S.-Russia-Syria tensions have not just disappeared. This matter will continue to limit the downside in gold and silver markets in the near term. And any flare-up in the situation would likely quickly boost the metals. The Group of Seven industrial nations (G-7) on Tuesday came out with a statement that supported the U.S.-led missile strikes on Syria and condemned the use of chemical weapons in warfare.
In other overnight news, China’s annual economic growth came in at 6.8% in the first quarter, which was slightly higher than expected and on pace with 2017’s gross domestic product growth rate. This is good news for precious metals market bulls, as China is a major metals importer.
The key “outside markets” on Tuesday see the U.S. dollar index trading higher, which is a mildly bearish element for the precious metals on this day. Nymex crude oil prices are near steady and trading just above $66.00 a barrel.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, the gold bulls have the overall near-term technical advantage as prices are not that far below the recent highs. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at the January high of $1,375.50. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the April low of $1,322.60. First resistance is seen at this week’s high of $1,353.50 and then at $1,362.60. First support is seen at today’s low of $1,340.20 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)
The silver bulls and bears are on a level overall near-term technical playing field. 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 last week’s high of $17.89 and then at $17.00. Next support is seen at this week’s low of $16.545 and then at last week’s low of $16.295. Wyckoff's Market Rating: 5.0.
May N.Y. copper closed down 155 points at 308.00 cents today. Prices closed near mid-range today. The copper bulls and bears are on a level overall near-term technical playing field. A four-week-old uptrend is in place on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 320.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 300.00 cents. First resistance is seen at today’s high of 310.20 cents and then at Monday’s high of 311.70 cents. First support is seen at this week’s low of 304.40 cents and then at 302.00 cents. Wyckoff's Market Rating: 5.0.
