(Kitco News) – Gold prices are lower in early U.S. trading Tuesday, as trader/investor risk appetite has up-ticked just a bit today. Bearish outside markets that see a higher U.S. dollar index and lower crude oil prices are also negative for the precious metals. Silver prices are up a bit early today. June gold was last down $26.50 at $3,321.20. May silver prices were last up $0.17 at $33.175.
Asian and European stock markets were mixed in overnight trading. U.S. stock indexes are pointed to narrowly mixed openings today in New York. U.S. stock market traders are focused on quarterly earnings reports that are released this week. Risk aversion is a bit less today as reports said the U.S. is negotiating trade deals with several countries.
The key outside markets today and see the U.S. dollar index higher. Nymex crude oil futures prices are lower and trading around $61.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.233%.
U.S. economic data due for release Tuesday and includes the weekly Johnson Redbook retail sales report, the consumer confidence index, the JOLTS survey, the monthly house price index, the S&P Core Logic house indexes, and the advance economic indicators report.
Technically, June gold futures bulls have the solid overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at the contract high of $3,509.90. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $3,200.00. First resistance is seen at this week’s high of $3,363.80 and then at last Friday’s high of $3,384.10. First support is seen at $3,300.00 and then at last week’s low of $3,270.80. Wyckoff’s Market Rating: 7.0.
May silver futures bulls have the firm overall near-term technical advantage. Prices are in an uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $35.00. The next downside price objective for the bears is closing prices below solid support at $32.00. First resistance is seen at last week’s high of $33.69 and then at $34.00. Next support is seen at this week’s low of $32.585 and then at $32.00. Wyckoff’s Market Rating: 7.0.
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Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York. As a journalist, he has covered every futures market traded in the U.S., at one time or another.
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