- Gold and silver prices are a modestly higher in midday U.S. trading Monday. A lower U.S. dollar index and a decline in U.S. Treasury yields are supporting the metals market bulls today. However, the metals market bulls are still tentative amid general marketplace sentiment that Federal Reserve monetary policy is likely to remain tight in the coming months, despite notions the U.S. and/or global economy could slip into recession during that period. June gold was last up $3.20 at $1,993.90 and May silver was up $0.147 at $25.21.
Global stock markets were mostly lower overnight. U.S. stock indexes are slightly lower near midday. The stock indexes have wobbled recently amid concerns the Federal Reserve will keep its monetary policy tighter for longer in order to ensure inflation is successfully tamped down. Focus of stock traders this week will be on the release of a slew of corporate earnings reports.
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Gold price plunges $30, but analysts focus on Fed pause after May rate hike |
The key outside markets today see the U.S. dollar index lower. Nymex crude oil prices are higher and trading around $78.75 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 3.517%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, June gold futures bulls have the firm overall near-term technical advantage. A six-week-old uptrend is in place on the daily bar chart, but just barely. Bulls’ next upside price objective is to produce a close above solid resistance at the April high of $2,063.40. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the April low of $1,965.90. First resistance is seen at $2,000.00 and then at Friday’s high of $2,016.80. First support is seen at last week’s low of $1,980.90 and then at $1,965.90. Wyckoff's Market Rating: 7.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
May silver futures bulls have the solid overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the April high of $26.235. The next downside price objective for the bears is closing prices below solid support at $23.50. First resistance is seen at $23.585 and then at last week’s high of $25.71. Next support is seen at today’s low of $24.84 and then at last week’s low of $24.715. Wyckoff's Market Rating: 7.5.
May N.Y. copper closed down 240 points at 395.60 cents today. Prices closed near the session low and hit a two-week low today. The copper bulls have the slight overall near-term technical advantage but are fading. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the April high of 419.95 cents. The next downside price objective for the bears is closing prices below solid technical support at the March low of 382.20 cents. First resistance is seen at 400.00 cents and then at 405.00 cents. First support is seen at the April low of 392.60 cents and then at 390.00 cents. Wyckoff's Market Rating: 5.5.
