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Gold, Silver Still Feeling The Heat Of Surging Stocks



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(Kitco News) Gold and silver prices are moderately lower in early-afternoon U.S. trading Monday. Bull-market moves in world equities markets; stock indexes that are at or near record or multi-month highs, continue to squelch the safe-haven metals markets. June gold futures were last down $ 8.00 and ounce at $ 1,280.90. May Comex Silver was last down $ 0.17 at $ 14,835 an ounce.

Palladium futures prices are getting smacked hard Monday, with June futures down more than $ 85.00 an ounce. No fresh fundamental news could be found to explain the steep downdraft, which is most likely to be a chart-based selling pressure that included a stop order at the $ 1,400.00 level. June palladium futures were last down $ 87.20 an ounce at $ 1,358.90.

Asian and European stock indexes. U.S. Pat. stock indexes are firmer in midday trading. It continues to be a little activity on the geopolitical front to the stock market bulls, making for a generally calmer and quieter trading environment, which is negative for safe-haven gold and silver prices. The U.S. stock indexes are boosted in part by upbeat corporate earnings reports recently released.

It will likely be a busier trading week this week, as well as the U.S. economic data pace picks up, including the Federal Open Market Committee (FOMC), which starts Tuesday morning and ends Wednesday afternoon with Jerome Powell's Fed Chairman press conference. No change in U.S. Pat. monetary policy is expected at this meeting.

U.S. Pat. corporate earnings reports will also be released this week.

US-China trade talks also resume this week, with U.S. Pat. officials traveling to Beijing. Most of the Marketplace is Optimistic of the U.S. and China will reach a plausible trade deal in coming weeks.

The key "outside markets" today see the U.S. Dollar Index Trading Slightly Down on Profit Taking After Hitting a Two-Year High Last Friday. Meantime, Nymex crude oil prices are higher on corrective bounce after prices dropped late last week due to remarks from President Trump saying he told OPEC oil prices were too high.

Live 24 hours gold chart [Kitco Inc.]

Technically, June gold futures prices closed nearer the session low today. The bears have the overall near-term technical advantage. A nine-week-old downtrend line on the daily bar chart is in place. Gold Bulls' Upside Near-Term Price Breakout Objective is Produced and Close to Solid Technical Resistance at $ 1,300.00. Bears' next-term downside price breakout objective is pushing prices below solid technical support at $ 1,250.00. First resistance is seen at last week's high of $ 1,290.90 and then at $ 1,300.00. First support is seen at $ 1,275.00 and then at last week's low of $ 1,267.90. Wyckoff's Market Rating: 3.5

Live 24 hours silver chart [ Kitco Inc. ]

May silver futures prices closed near session low today. The silver bears have the overall near-term technical advantage. A nine-week-old downtrend is a place on the daily bar chart. Silver Bulls next upside price breakout objective is closing prices above solid technical resistance at April high of $ 15.31 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $ 14.50. First resistance is seen at last week's high of $ 15.04 and then at $ 15.25. Next support is seen at April low of $ 14.70 and then at $ 14.50. Wyckoff's Market Rating: 3.5.

May N.Y. copper closed up 85 points at 289.30 cents today. Prices closed nearer the session high today. The copper bulls have the overall near-term technical advantage. Copper Bulls' next upside price objective is pushing and closing prices above solid technical resistance at April high of 299.55 cents. The next downside price for the bear is closing prices below the solid support at March low of 283.45 cents. First resistance is seen at 290.00 cents and then at last week's high of 293.25 cents. First support is seen at last week's low of 285.65 cents and then at 283.45 cents. Wyckoff's Market Rating: 6.5.

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 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 from the use of this publication.


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