(Kitco News) - Gold and silver prices are lower in midday U.S. trading Monday, as a key outside market is prompting some selling pressure to start the trading week: a higher U.S. dollar index. Once again, gold prices are also appearing to follow the U.S. stock market, which is mostly weaker Monday at lunchtime. June gold futures were last down $17.10 an ounce at $1,697.00. July Comex silver prices were last down $0.143 at $15.63 an ounce.
Global stock markets were mixed in overnight trading, with Asian stock indexes mostly higher and European stocks mostly down. There are some new concerns about a second wave of Covid-19 sweeping countries already hit hard by the pandemic. South Korea and Singapore are seeing a resurgence in cases. This development comes as many major global economies are starting to reopen as their citizens become less patient regarding being quarantined.
There is still some unease in the marketplace regarding still-tense U.S.-China relations. The world’s two largest economies have been exchanging barbs over the origins of Covid-19, with President Trump suggesting China may have manufactured the virus in a laboratory. While U.S. and China trade officials have communicated in recent days and reaffirmed China’s commitment to purchase U.S. agricultural products, President Trump implied Friday he still may sanction China over its handling of the pandemic in its early stages. “I’m having a very hard time with China,” Trump said Friday.
China over the weekend said it would continue to stimulate its economy to support its recovery from the pandemic.
The other important outside market today sees Nymex crude oil futures slightly lower and trading around $24.50 a barrel. The yield on the benchmark U.S. Treasury 10-year note is currently around 0.68%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, June gold futures bulls still have the firm overall near-term technical advantage amid choppy trading. Gold bulls' next upside near-term price objective is to produce a close above solid technical resistance at the April high of $1,788.80. Bears' next near-term downside price objective is pushing prices below solid technical support at $1,666.20. First resistance is seen at today’s high of $1,713.80 and then at $1725.00. First support is seen at today’s low of $1,697.60 and then at last week’s low of $1,683.00. Wyckoff's Market Rating: 7.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
July silver futures bulls have the slight overall near-term technical advantage. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the April high of $16.30 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.00. First resistance is seen at $16.00 and then at $16.25. Next support is seen at $15.50 and then at $15.25. Wyckoff's Market Rating: 5.5.
July N.Y. copper closed down 280 points at 237.75 cents today. Prices closed nearer the session low today. The copper bulls have the overall near-term technical advantage. Prices are in a seven-week-old uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 250.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 221.70 cents. First resistance is seen at today’s high of 243.00 cents and then at 245.00 cents. First support is seen at today’s low of 236.70 cents and then at 233.40 cents. Wyckoff's Market Rating: 6.0.
