Gold, Silver Prices Down Amid Raw Commodity Mkt. Sell-Off
(Kitco News) - Gold and silver prices weremodestly lower in early-afternoon U.S. trading Monday. Gold was poised to closeat a six-month low close today, and silver is at the bottom of its recenttrading range. A general sell-off in the raw commodity sector today weighed onthe precious metals markets. Gold and silver continue to act more like rawcommodities than like safe-haven assets. Augustgold futures were last down $2.70an ounce at $1,268.00. July Comex silver was last down $0.144 at $16.315 anounce.
Worldstock markets were mostly down today. An escalating trade dispute between theU.S. and China-the world’s two largest economies-continues to rattle worldmarkets, but not yet providing much support to safe-haven gold and silvermarkets. President Trump said during the weekend the U.S. may bar Chinesecompanies from investing in U.S. technology firms.
Thekey “outside markets” today find the U.S. dollar index slightly down. Meantime,Nymex crude oil prices are weaker on mild profit taking from good gains scoredlast Friday. The just-completed OPEC meeting that began Friday in Vienna,Austria saw cartel members raise their collective oil production by 1 millionbarrels a day, which was less of an increase than many in the marketplaceexpected, and was deemed bullish for crude oil.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically,the gold bears have the firm overall near-term technical advantage. A 2.5-month-olddowntrend is in place on the daily bar chart. Gold bulls' next upside near-termprice breakout objective is to produce a close above solid technical resistanceat $1,300.00. Bears' next near-term downside price breakout objective ispushing prices below solid technical support at the December low of $1,251.90.First resistance is seen at $1,275.00 and then at $1,280.00. First support isseen at today’s low of $1,265.50 and then at last week’s low of $1,262.40.Wyckoff's Market Rating: 3.0
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
Thesilver bears have the firm overall near-term technical advantage. Silver bulls'next upside price breakout objective is closing prices above solid technicalresistance at last week’s high of $17.35 an ounce. The next downside pricebreakout objective for the bears is closing prices below solid support at theMay low of $16.07. First resistance is seen at $16.50 and then at last week’shigh of $16.635. Next support is seen at last week’s low of $16.19 and then at$16.07. Wyckoff's Market Rating: 3.0.
JulyN.Y. copper closed down 365 points at 299.05 cents today. Prices closed nearerthe session low and hit a three-month low today. The copper bears have theoverall near-term technical advantage amid the recent steep sell off. Copperbulls' next upside price objective is pushing and closing prices above solidtechnical resistance at 315.00 cents. The next downside price objective for thebears is closing prices below solid technical support at the March low of295.85 cents. First resistance is seen at 300.00 cents and then at today’s highof 304.50 cents. First support is seen at today’s low of 298.60 cents and thenat 295.85 cents. Wyckoff's Market Rating: 3.0.
By Jim WyckoffFor Kitco News
Follow @jimwyckoff
jwyckoff@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.