Gold, Silver Lifted Slightly By Weaker U.S. Dollar
(Kitco News) - Gold and silver prices were slightly higher in midday trading Monday. The preciousmetals saw modest support from a weaker U.S. dollar index on this day. Buyersof the safe-haven metals were squelched by a solid rally in the U.S. stockmarket today. June Comex gold futures were last up $0.70 an ounce at $1,336.80.May Comex silver was last up $0.078 at $16.344 an ounce.
Therewas better investor risk appetite in the marketplace to start the trading week.The U.S.-China trade dispute has simmered down a bit. Trump administrationofficials are now saying that trade sanctions against China are not imminentand there is time to work out a solution to avoid a full-blown trade warbetween the world’s two largest economies.
Somewhatsurprisingly the safe-haven metals markets did not react significantly toreports of missile strikes on the Syrian military overnight, after weekendreports that the Syrian army has used poison gas on its civilians. Reports saidthe missile strikes came from Israeli jets. President Trump on Sunday calledout Russian President Putin and put blame on him for the gassing, and said hewould pay. Today, Trump said he is mulling his options on the matter.
Thekey “outside markets” on Monday morning saw the U.S. dollar index lower on acorrective pullback from recent good gains. The greenback hit a five-week high lastFriday. Meantime, Nymex crude oil prices are solidly higher and trading above$63.00 a barrel.
Therewas no major U.S. economic data released Monday.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically,Junegold futures bulls have the overall near-term technical advantage, buttrading remains choppy. Gold bulls' next upside near-term price breakoutobjective is to produce a close above solid technical resistance at the Marchhigh of $1,362.60. Bears' next near-term downside price breakout objective ispushing prices below solid technical support at the March low of $1,309.30. Firstresistance is seen at $1,340.00 and then at $1,348.00. First support is seen attoday’s low of $1,330.10 and then at last week’s low of $1,322.60. Wyckoff'sMarket Rating: 6.0
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
May silver futures bears have the overall near-term technical advantage. Silverbulls' next upside price breakout objective is closing prices above solidtechnical resistance at $17.00 an ounce. The next downside price breakoutobjective for the bears is closing prices below solid support at $16.00. Firstresistance is seen at $16.50 and then at last week’s high of $16.68. Nextsupport is seen at the March low of $16.10 and then at $16.00. Wyckoff's MarketRating: 4.0.
MayN.Y. copper closed up 205 points at 307.95 cents today. Prices closed nearerthe session high today. The copper bears still have the overall near-termtechnical advantage. Prices are in a two-month-old downtrend on the daily barchart. Copper bulls' next upside price objective is pushing and closing pricesabove solid technical resistance at 315.00 cents. The next downside priceobjective for the bears is closing prices below solid technical support at theSeptember low of 293.25 cents. First resistance is seen at last week’s high of308.80 cents and then at 310.00 cents. First support is seen at 305.00 centsand then at today’s low of 303.55 cents. Wyckoff's Market Rating: 4.0.
By Kitco NewsFor Kitco News
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