(Kitco News) - Gold prices are modestly up and silver a bit weaker in midday U.S. trading Monday. Both markets pushed well off their early session lows when the U.S. dollar index lost its good early gains and as crude oil prices rallied. August gold was last up $6.00 at $1,975.50 and July silver was down $0.092 at $23.655.
Asian and European stock markets were mixed today. U.S. stock indexes are mixed near midday. Gains in the metals were limited today in the aftermath of a stronger U.S. non-farm payrolls jobs rise in last Friday’s May employment report. That data reminded the marketplace that the Federal Reserve is likely to remain hawkish on its monetary policy for longer—even if it does do a pause in the rate-hike cycle at the June FOMC meeting.
In weekend news, Saudi Arabia decided to unilaterally cut its crude oil production by around 1 million barrels per day, starting in July. Meantime, the OPEC-plus cartel at its meeting decided to leave its collective crude oil output unchanged.
The key outside markets today see the U.S. dollar index near steady. Nymex crude oil prices are higher and are trading around $72.75 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 3.887%.
![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 overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the May low of $1,949.60. First resistance is seen at $1,985.00 and then at $2,000.00. First support is seen at today’s low of $1,953.80 and then at $1,949.60. Wyckoff's Market Rating: 6.5.
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
July silver futures bulls and bears are on a level overall near-term technical playing field. Silver bulls' next upside price objective is closing prices above solid technical resistance at $25.00. The next downside price objective for the bears is closing prices below solid support at the May low of $22.785. First resistance is seen at $24.00 and then at last week’s high of $24.12. Next support is seen at today’s low of $23.32 and then at $23.00. Wyckoff's Market Rating: 5.0.
July N.Y. copper closed up 450 points at 377.25 cents today. Prices closed nearer the session high. Short covering was featured. The copper bears still have the overall near-term technical advantage. However, a six-week-old downtrend on the daily bar chart has been negated. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 400.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the May low of 354.50 cents. First resistance is seen at last week’s high of 378.90 cents and then at 385.00 cents. First support is seen at 370.00 cents and then at 365.00 cents. Wyckoff's Market Rating: 4.0.
