Kitco News) - Gold and silver prices are lower in midday U.S. trading Tuesday, following recent solid gains that saw gold hit a record high of $2,454.20 an ounce, basis June Comex futures on Monday, and silver hit an 11-year high of $32.75 an ounce, basis July Comex futures. Profit-taking from the shorter-term futures traders is featured today, which is not unusual. Bulls still have the solid near-term technical advantage in both precious metals markets, with no early chart clues that market tops are close at hand. June gold was last down $14.30 at $2,424.00. July silver was last down $0.536 at $31.90.
U.S. stock indexes are just slightly higher at midday. There has been no fresh, markets-moving news or economic data so far this week, but the pace picks up the rest of the week.
The key outside markets today see the U.S. dollar index slightly higher. Nymex crude oil prices are down and trading around $78.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is fetching 4.41%.
Technically, June gold futures prices Monday hit a contract and record high. The bulls have the solid overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $2,500.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,350.00. First resistance is seen at today’s high of $2,438.20 and then at the record high of $2,454.20. First support is seen at today’s low of $2,408.50 and then at $2,400.00. Wyckoff's Market Rating: 8.0.
July silver futures prices hit an 11-year high Monday. The silver bulls have the solid overall near-term technical advantage. Prices are in a steep, three-week-old uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $35.00. The next downside price objective for the bears is closing prices below solid support at $30.00. First resistance is seen at $32.50 and then at this week’s high of $32.75. Next support is seen at today’s low of $31.28 and then at $31.00. Wyckoff's Market Rating: 8.0.
July N.Y. copper closed up 165 points at 509.55 cents today. Prices closed near mid-range after hitting a record high of 519.90 cents Monday. The copper bulls have the solid overall near-term technical advantage. Prices are in a 3.5-month-old uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 550.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 460.00 cents. First resistance is seen at this week’s high of 519.00 cents and then at 525.00 cents. First support is seen at 500.00 cents and then at 490.00 cents. Wyckoff's Market Rating: 8.5.
