(Kitco News) - Gold prices are moderately higher in midday U.S. trading Monday. However, prices have backed off their session highs. The metals are supported today by a lower U.S. dollar index and higher crude oil prices that scored a five-month high. June gold futures were last up $6.20 an ounce at $1,301.80. May Comex silver was last up $0.124 at $15.215 an ounce.
Asian and European stock indexes were mixed to slightly weaker in quieter trading overnight. U.S. stock indexes are modestly lower in New York trading. The generally weaker world stock indexes today are also a positive element for the safe-haven metals today.
There are no major geopolitical matters on the front burner of the marketplace early this week. U.S. corporate earnings reports are coming out this week. The Brexit saga continues to play out but is not impacting worldwide markets. Trader and investor attitudes are still generally upbeat, which is bullish for the world stock markets and still a bearish element for the safe-haven metals.
U.S. economic reports Monday were light but the data pace really picks up as the week progresses, including the FOMC minutes released on Wednesday afternoon.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, June gold futures prices closed near mid-range. The bulls have the overall near-term technical advantage. However, a six-week-old downtrend line 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 the March high of $1,330.80. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at last week’s low of $1,284.90. First resistance is seen at today’s high of $1,307.90 and then at $1,313.00. First support is seen at today’s low of $1,295.50 and then at $1,290.00. Wyckoff's Market Rating: 6.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
May silver futures prices closed near mid-range today on short covering and bargain hunting. The silver bears have the slight overall near-term technical advantage. A six-week-old downtrend is in place on the daily bar chart. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at the March high of $15.65 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.75. First resistance is seen at today’s high of $15.275 and then at $15.315. Next support is seen at today’s low of $15.075 and then at $15.00. Wyckoff's Market Rating: 4.5.
May N.Y. copper closed up 305 points at 292.50 cents today. Prices closed nearer the session high today. The copper bulls have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 300.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the March low of 283.45 cents. First resistance is seen at today’s high of 294.20 cents and then at 297.00 cents. First support is seen at last week’s low of 288.65 cents and then at 286.00 cents. Wyckoff's Market Rating: 6.0.
