(Kitco News) - Gold and silver prices are modestly higher in midday U.S. trading Monday, as traders saw early price pressure as a bargain-buyer opportunity and they stepped up. Still, the safe-have metals see little risk aversion in the global market place at present and that could limit the upside in the near term. August gold futures were last up $6.20 at $1,897.00 and July Comex silver was last up $0.129 at $28.025 an ounce.
It's a pretty quiet Monday for markets-moving news, but the U.S. economic report pace picks up starting Tuesday. The U.S. data point of the week is the consumer price index report for May due out on Thursday.
Weekend news saw the Group of Seven industrialized nations finance ministers meeting agree to a minimum tax rate of 15% on global corporations, but most agree such is a long way from actually being implemented. Other news saw U.S. Treasury Secretary Yellen tell reporters the Biden administration's spending package would be healthy for the economy, even if it causes higher interest rates and higher inflation.
The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are also weaker and trading around $69.35 a barrel after hitting a 2.5-year high of $70.00 overnight. Interestingly, reports say speculators are making heavy purchases of call options with $100 strike prices on Brent and Nymex crude oil futures, expecting both markets to surpass the $100 mark yet this year. Apparently these traders are calling the options purchases "lottery tickets." The reports also say it is likely the reddit-style traders who are buying the calls--the traders who also ran Gamestop and AMC shares to unbelievable heights earlier this year. Most oil market veterans think Nymex crude presently at $70 is lofty. Playing the stock market is one thing but trading commodity futures markets is a whole different animal—just ask anyone who has traded both. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently fetching around 1.58%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, August gold futures bulls have the firm overall near-term technical advantage. A nine-week-old price uptrend is in place on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at the June high of $1,919.20. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at $1,900.00 and then at $1,912.30. First support is seen at today's low of $1,883.70 and then at $1,866.70. 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 overall near-term technical advantage. However, a nine-week-old uptrend on the daily bar chart is in jeopardy. Silver bulls' next upside price objective is closing prices above solid technical resistance at the May high of $28.90 an ounce. The next downside price objective for the bears is closing prices below solid support at $26.00. First resistance is seen at $28.37 and then at $28.71. Next support is seen at today's low of $27.595 and then at $27.31. Wyckoff's Market Rating: 6.5.
July N.Y. copper closed down 40 points at 452.50 cents today. Prices closed near the session high today. The copper bulls have the overall near-term technical advantage. However, a four-week-old downtrend is in place on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 470.70 cents. The next downside price objective for the bears is closing prices below solid technical support at 425.00 cents. First resistance is seen at 460.00 cents and then at 462.05 cents. First support is seen at last week's low of 442.95 cents and then at 440.00 cents. Wyckoff's Market Rating: 7.0.
