(Kitco News) Gold prices are modestly lower in midday U.S. trading Thursday. Prices have visited both sides of unchanged today in choppy trading. Gold and silver bulls have stabilized their markets this week. However, they have more work to do in the near term to improve the still-bearish near-term technical postures of both metals. August gold futures were last down $5.30 at $1,788.00 and July Comex silver was last down $0.006 at $26.105 an ounce.
Global stock markets were mostly higher overnight. The U.S. stock indexes are higher at midday and are at or near their record highs. There remains little risk aversion in the global marketplace at present, amid a generally calm geopolitical environment—and that’s bearish for the safe-haven metals.
The key outside markets today see the U.S. dollar index slightly up. Nymex crude oil futures are a just bit weaker and trading around $73.00 a barrel after hitting a 2.5-year high of $74.25 on Wednesday. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 1.489%.
Technically, August gold futures bears have the overall near-term technical advantage. A four-week-old price downtrend is in place on the daily bar chart. A bearish pennant pattern has formed on the daily chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,826.40. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00. First resistance is seen at this week’s high of $1,795.60 and then at $1,800.00. First support is seen at today’s low of $1,772.70 and then at last week’s low of $1,761.20. Wyckoff’s Market Rating: 4.0
July silver futures bears have the overall near-term technical advantage. A four-week-old price downtrend is in place on the daily bar chart. A bear flag or bearish pennant pattern may be forming on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $27.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $25.00. First resistance is seen at this week’s high of $26.37 and then at $26.555. Next support is seen at today’s low of $25.865 and then at this week’s low of $25.58. Wyckoff’s Market Rating: 4.0.
July N.Y. copper closed down 245 points at 430.60 cents today. Prices closed nearer the session high today. The copper bulls have the slight overall near-term technical advantage. However, a five-week-old downtrend is still in place on the daily bar chart. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 450.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 400.00 cents. First resistance is seen at this week’s high of 434.25 cents and then at 440.00 cents. First support is seen at 425.00 cents and then at 420.00 cents. Wyckoff’s Market Rating: 5.5.
