(Kitco News) - Gold and silver prices are modestly higher in early-afternoon U.S. trading Tuesday. The metals saw corrective rebounds from recent selling pressure that saw gold hit a five-month low on Monday. If the gold bulls can push and close prices back above the critical $1,300.00 level, then a near-term market bottom would likely be in place. However, upbeat trader and investor risk appetite in the marketplace at present is still making life difficult for the safe-haven metals bulls. June Comex gold futures were last up $2.70 an ounce at $1,293.50. July Comex silver was last up $0.075 at $16.595 an ounce.
Little risk aversion in the marketplace recently is driving many world stock indexes to multi-month highs. The apparent easing of U.S.-China trade tensions has traders and investors in upbeat moods this week.
The key “outside markets” today find Nymex crude oil prices slightly up and hitting a new 3.5-year high earlier in the session, at $72.90 a barrel. Brent crude is near $80.00 a barrel as the U.S. is set to once again sanction Iran, which would likely reduce that country’s oil sales on the world market. The up-trending crude oil market is one bullish underlying element for the metals markets.
Meantime, the U.S. dollar index is slightly lower at midday on a corrective pullback from recent good gains that saw prices hit a six-month high on Monday.
The U.S. data-point highlight of the week will be Wednesday afternoon’s release of the FOMC minutes from the last meeting. The FOMC minutes have been a markets-mover in the recent past.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, gold prices are still in a two-month-old downtrend on the daily bar chart. The gold bears have the overall near-term technical advantage. 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 the December low of $1,247.20. First resistance is seen at today’s high of $1,296.00 and then at $1,300.00. First support is seen at today’s low of $1,287.20 and then at this week’s low of $1,281.20. Wyckoff's Market Rating: 3.5
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
The silver bears have the overall near-term technical advantage. 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 May low of $16.07. First resistance is seen at today’s high of $16.70 and then at the May high of $16.865. Next support is seen at today’s low of $16.465 and then at this week’s low of $16.28. Wyckoff's Market Rating: 4.0.
July N.Y. copper closed up 310 points at 312.95 cents today. Prices closed nearer the session high and hit a three-week high today. The copper bulls have gained the slight overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the April high of 321.80 cents. The next downside price objective for the bears is closing prices below solid technical support at the May low of 301.40 cents. First resistance is seen at today’s high of 314.85 cents and then at 318.00 cents. First support is seen at 310.00 cents and then at this week’s low of 306.50 cents. Wyckoff's Market Rating: 5.5.
