Gold, Silver Slightly Lower Amid Upbeat Risk Appetite
(Kitco News) - Safe-havengold and silver prices are slightly lower in early U.S. trading Monday. Higherworld stock markets overnight are a negative for the competing asset class ofprecious metals. However, a slightly weaker U.S. dollar index today is workingin favor of the metals bulls. June Comex gold futures were last down $0.60 anounce at $1,335.40. May Comex silver was last down $0.007 at $16.355 an ounce.
U.S.stock indexes are also pointed toward higher openings when the New York daysession begins, which suggests better investor risk appetite in the marketplaceto start the trading week. Still, traders and investors are wondering if thehigh volatility in the stock market will continue this week. Such would favorthe stock market bears and the precious metals market bulls.
Themarkets have not reacted significantly to reports of missile strikes on theSyrian military overnight, after weekend reports that the Syrian army has usedpoison gas on its civilians. Reports said the missile strikes came from Israelijets.
TheU.S.-China trade dispute simmered down a bit during the weekend. Trumpadministration officials said on Sunday that trade sanctions against China arenot imminent and there is time to work out a solution to the matter.
Thekey “outside markets” on Monday morning see the U.S. dollar index slightlylower. The greenback is seeing a corrective pullback today after hitting afive-week high on Friday. Meantime, Nymex crude oil prices are higher andtrading just below $63.00 a barrel.
U.S.economic data due for release Monday is light and includes the employmenttrends index.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically,June gold bulls still have the overall near-term technical advantage amidrecent choppy trading. Gold bulls' next upside near-term price breakoutobjective is to produce a close above solid technical resistance at the Marchhigh of $1,362.60. Bears' next near-term downside price breakout objective ispushing prices below solid technical support at the March low of $1,309.30.First resistance is seen at $1,340.00 and then at $1,347.00. First support isseen at today’s low of $1,330.10 and then at last week’s low of $1,322.60. Wyckoff'sMarket Rating: 6.0
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
Maysilver futures bears have the overall near-term technical advantage amid recentchoppy trading. Silver bulls' next upside price breakout objective is closingprices above solid technical resistance at the March high of $16.895 an ounce.The next downside price breakout objective for the bears is closing pricesbelow solid support at $16.00. First resistance is seen at $16.50 and then at thisweek’s high of $16.68. Next support is seen at last week’s low of $16.15 andthen at the March low of 16.10. Wyckoff's Market Rating: 4.0.
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.