(Kitco News) - Gold and silver prices were modestly lower in early-afternoon U.S. trading Monday. Gold was poised to close at a six-month low close today, and silver is at the bottom of its recent trading range. A general sell-off in the raw commodity sector today weighed on the precious metals markets. Gold and silver continue to act more like raw commodities than like safe-haven assets. August gold futures were last down $2.70 an ounce at $1,268.00. July Comex silver was last down $0.144 at $16.315 an ounce.
World stock markets were mostly down today. An escalating trade dispute between the U.S. and China—the world’s two largest economies—continues to rattle world markets, but not yet providing much support to safe-haven gold and silver markets. President Trump said during the weekend the U.S. may bar Chinese companies from investing in U.S. technology firms.
The key “outside markets” today find the U.S. dollar index slightly down. Meantime, Nymex crude oil prices are weaker on mild profit taking from good gains scored last Friday. The just-completed OPEC meeting that began Friday in Vienna, Austria saw cartel members raise their collective oil production by 1 million barrels a day, which was less of an increase than many in the marketplace expected, and was deemed bullish for crude oil.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, the gold bears have the firm overall near-term technical advantage. A 2.5-month-old downtrend is in place 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 the December low of $1,251.90. First resistance is seen at $1,275.00 and then at $1,280.00. First support is seen at today’s low of $1,265.50 and then at last week’s low of $1,262.40. Wyckoff's Market Rating: 3.0
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
The silver bears have the firm overall near-term technical advantage. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $17.35 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 $16.50 and then at last week’s high of $16.635. Next support is seen at last week’s low of $16.19 and then at $16.07. Wyckoff's Market Rating: 3.0.
July N.Y. copper closed down 365 points at 299.05 cents today. Prices closed nearer the session low and hit a three-month low today. The copper bears have the overall near-term technical advantage amid the recent steep sell off. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 315.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the March low of 295.85 cents. First resistance is seen at 300.00 cents and then at today’s high of 304.50 cents. First support is seen at today’s low of 298.60 cents and then at 295.85 cents. Wyckoff's Market Rating: 3.0.
