(Kitco News) - Gold pricesare modestly higher in early U.S. trading Tuesday, on a mild rebound followingrecent selling pressure. There is still not much risk aversion in the marketplaceat present, which continues to limit buying interest in the safe-haven gold andsilver markets. June Comex gold futures were last up $3.70 an ounce at $1,327.70.May Comex silver was last up $0.038 at $16.625 an ounce.
Worldstock markets were mostly higher overnight. U.S. stock indexes are pointedtoward higher openings when the New York day session begins. A more robust riskappetite among traders and investors has benefitted the equities marketsrecently.
Therewas no major, fresh fundamental news overnight. U.S. President Trump and FrenchPresident Macron meet today to discuss whether to continue the Iran nucleardeal reached in 2015, or to pull out of it and reinstate sanctions on Iran. Thedeal is up for renewal in early May.
Thekey “outside markets” on Tuesday morning see the U.S. dollar index tradingslightly lower after hitting a more-than-three-month high overnight. Meantime,Nymex crude oil prices are slightly firmer and trading near $69.00 a barrel.Oil prices are not far below last week’s a 3.5-year high.
U.S.economic data due for release Tuesday includes the weekly Johnson Redbook andGoldman Sachs retail sales reports, the S&P/Case-Shiller home price index,the U.S. monthly house price index, new residential sales, the consumerconfidence index and the Richmond Fed business survey.
Technically,Junegold bulls still have the overall near-term technical advantage. Goldbulls' next upside near-term price breakout objective is to produce a closeabove solid technical resistance at the January high of $1,375.50. Bears' nextnear-term downside price breakout objective is pushing prices below solidtechnical support at the March low of $1,309.30. First resistance is seen atthis week’s high of $1,337.60 and then at $1,345.00. First support is theovernight low of seen at the April low of $1,322.60 and then at $1,312.40.Wyckoff's Market Rating: 6.0
Maysilver futures bulls and bears are on a level overall near-term technicalplaying field. Silver bulls' next upside price breakout objective is closingprices above solid technical resistance at the April high of $17.36 an ounce.The next downside price breakout objective for the bears is closing pricesbelow solid support at the March low of $16.10. First resistance is seen at $16.75and then at $16.89. Next support is seen at $16.50 and then at $16.25.Wyckoff's Market Rating: 5.0.
By Jim WyckoffFor Kitco News
Follow @jimwyckoff