Gold and silver prices are seeing selling pressure at midday Tuesday, on normal corrective price pullbacks after the strong gains posted Monday. August gold was last down $24.80 at $3,372.40. July silver prices were last down $0.129 at $34.565.
U.S. stock indexes are higher at midday. Traders on this day are trying to brush aside the U.S. and China trade barbs with each other, regarding their trade policies. However, that bogeyman continues to resurface and prompt risk aversion that is friendly for safe-haven gold and silver.
The key outside markets today see the U.S. dollar index solidly higher. Nymex crude oil futures prices higher and trading around $63.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.45%.
Technically, August gold futures bulls have the firm overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,450.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $3,200.00. First resistance is seen at $3,400.00 and then at today’s high of $3,417.80. First support is seen at $3,350.00 and then at this week’s low of $3,319.40. Wyckoff’s Market Rating: 7.0.
July silver futures bulls have the firm overall near-term technical advantage after on Monday seeing a bullish upside “breakout” from a trading range on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the March high of $35.80. The next downside price objective for the bears is closing prices below solid support at last week’s low of $32.80. First resistance is seen at this week’s high of $34.945 and then at $35.00. Next support is seen at today’s low of $34.165 and then at $34.00. Wyckoff’s Market Rating: 7.0.
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Source: Jim Wyckoff Kitco
