Gold, Silver Weaker Amid Upbeat Trader Attitudes

(Kitco News)- Gold and silver prices are slightly lower in early U.S. trading Monday. It’s aquieter and uneventful marketplace to start the trading week. Rallying U.S.stock indexes that hit multi-week highs overnight suggest keener risk appetitein the marketplace at present, which is bearish for safe-haven gold and silver.The gold and silver market bulls are encouraged by recent price action thatsuggests these metals have put in near-term market bottoms. June Comex goldfutures were last down $0.90 an ounce at $1,319.80. July Comex silver was last down$0.072 at $16.68 an ounce.

Worldstock markets were mixed in quieter trading overnight. European indexes weremostly weaker and Asian stocks were mostly higher. U.S. stock indexes arepointed toward modestly higher openings when the New York day session begins.

Focusof the marketplace this week will be on U.S. trade meetings with China thatbegin in the U.S. Tuesday, and a possible U.S. decision on the NAFTA tradeagreement with Mexico.

Thekey “outside markets” today find Nymex crude oil prices slightly higher and notfar below $71.00 a barrel. The U.S. dollar index is weaker on more profittaking after hitting a 4.5-month high last week.

Thereis no major U.S. economic data due for release Monday.

Technically,June gold bulls and bears are on a level overall near-term technical playingfield. Gold bulls' next upside near-term price breakout objective is to producea close above solid technical resistance at $1,350.00. Bears' next near-termdownside price breakout objective is pushing prices below solid technicalsupport at $1,300.00. First resistance is seen at last week’s high of $1,326.30and then at $1,330.00. First support is seen at $1,315.00 and then at $1,310.00.Wyckoff's Market Rating: 5.0

Julysilver futures bulls and bears are also on a level overall near-term technicalplaying field. Silver bulls' next upside price breakout objective is closingprices above solid technical resistance the April high of $17.425 an ounce. Thenext downside price breakout objective for the bears is closing prices belowsolid support at $16.00. First resistance is seen at last week’s high of $16.865and then at $17.00. Next support is seen at $16.50 and then at last week’s lowof $16.335. Wyckoff's Market Rating: 5.0.

By Jim Wyckoff

For Kitco News

Follow @jimwyckoffjwyckoff@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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