(Kitco News) - Gold prices are modestly up in early-afternoon U.S. trading Wednesday, but well down from early gains of nearly $20 on the day, which pushed prices to a 3.5-month high. Today’s low-range closes that are likely suggest the bulls are now near-term exhausted and need to see a pause. Silver prices hit a three-week high above $15.00 earlier today, but could not hold above that key price level. Still, notions of easier global monetary policies and slowing world economic growth are bullish for the precious metals markets. August gold futures were last up $4.20 an ounce at $1,332.90. July Comex silver prices were last up $0.016 at $14.785 an ounce.

The key “outside markets” today turned negative for the metals as the session progressed. The U.S. dollar index is trading higher and near the daily high at midday. Meantime, Nymex crude oil prices are sharply lower, hit a nearly five-month low and are trading just above $51.00 a barrel. 

Today’s U.S. economic data point of the day showed the ADP national employment report for May adding only 27,000 jobs in the month. The number was expected to come in at up 173,000. That report is a precursor to Friday morning’s more important employment situation report for May from the Labor Department. The non-farm jobs component of that report is forecast at up 180,000.

The world marketplace at mid-week has been assuaged by notions the U.S. Federal Reserve could lower interest rates as soon as this summer, in an effort to keep U.S. economic expansion alive and to counter the negative effects of the U.S. trade disputes with its major trading partners. This week Fed officials, including Chairman Powell on Tuesday, have hinted the U.S. central bank is leaning toward an easier money policy even though it says it is being “patient” on monetary policy moves. Australia’s central bank may have started the ball rolling on easier money policies by announcing an interest rate cut on Tuesday.

Technically, August gold futures prices closed nearer the session low today. The bulls have the overall near-term technical advantage, but today’s low-range close suggests the bulls are near-term exhausted and need to pause. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at today’s high of $1,348.90. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00. First resistance is seen at $1,335.70 and then at $1,340.00. First support is seen at today’s low of $1,329.30 and then at $1,325.00. Wyckoff's Market Rating: 6.5

July silver futures prices closed nearer the session low today after poking above $15.00 early on. The silver bears still have the overall near-term technical advantage. However, a three-month-old downtrend on the daily bar chart has been negated to suggest a market bottom is in place. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at today’s high of $15.04 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the November low of $14.175. First resistance is seen at $15.00 and then at $15.04. Next support is seen at this week’s low of $14.565 and then at $14.50. Wyckoff's Market Rating: 3.0.

July N.Y. copper closed down 455 points at 262.35 cents today. Prices closed near the session low and closed at a five-month low close today. The copper bears have the solid overall near-term technical advantage. Prices are in a steep seven-week-old downtrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 277.75 cents. The next downside price objective for the bears is closing prices below solid technical support at the January low of 256.10 cents. First resistance is seen at 265.00 cents and then at today’s high of 267.45 cents. First support is seen at this week’s low of 261.10 cents and then at 260.00 cents. Wyckoff's Market Rating: 2.0.