(Kitco News) - Gold and silver prices areweaker in early-afternoon U.S. trading Tuesday. However, prices have moved wellup from their daily lows that saw gold hit a six-month low and silver hit aseven-week low. A surge in Nymex crude oil prices above $70.00 did helped tolift gold and silver markets up from their session lows just before midday.Augustgold futures were last down $6.90 an ounce at $1,262.00. July Comex silver was last down $0.053 at $16.275 an ounce.
Despitethe threat of a major world trade war on the horizon, the marketplace is notseeing keen risk aversion-at least not enough to boost the safe-haven metals.Instead, gold and silver are following their raw commodity counterparts loweron worries of less world trade in raw commodities if a full blown trade warbreaks out between the U.S. and the other major economies of the world.
Thekey “outside markets” today find the U.S. dollar index higher, which is abearish daily market element for the precious metals.
Meantime,Nymex crude oil prices are sharply higher and trading above $70.00 a barrelafter late-morning reports surfaced that the U.S. will impose a “zerotolerance” policy on Iranian oil exports to other countries.
Technically,the gold bears have the firm overall near-term technical advantage. A2.5-month-old downtrend is in place on the daily bar chart. Gold bulls' nextupside near-term price breakout objective is to produce a close above solidtechnical resistance at $1,286.80. Bears' next near-term downside pricebreakout objective is pushing prices below solid technical support at theDecember low of $1,251.90. First resistance is seen at today’s high of$1,269.40 and then at this week’s high of $1,274.40. First support is seen attoday’s low of $1,256.40 and then at $1,251.90. Wyckoff's Market Rating: 3.0
Thesilver bears have the firm overall near-term technical advantage. Silver bulls'next upside price breakout objective is closing prices above solid technicalresistance at $17.00 an ounce. The next downside price breakout objective forthe bears is closing prices below solid support at the May low of $16.07. Firstresistance is seen at today’s high of $16.35 and then at $16.50. Next supportis seen at today’s low of $16.14 and then at $16.07. Wyckoff's Market Rating:3.0.
JulyN.Y. copper closed up 60 points at 299.25 cents today. Prices closed nearer thesession high on tepid short covering after hitting a three-month low on Monday.The copper bears have the overall near-term technical advantage amid the recentsteep sell off. Copper bulls' next upside price objective is pushing andclosing prices above solid technical resistance at 315.00 cents. The nextdownside price objective for the bears is closing prices below solid technicalsupport at the March low of 295.85 cents. First resistance is seen at 300.00cents and then at this week’s high of 304.50 cents. First support is seen at thisweek’s low of 298.60 cents and then at 295.85 cents. Wyckoff's Market Rating:3.0.
By Jim WyckoffFor Kitco News
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