Premium Goldbar Shop
Gold Down On Profit Taking, Weaker Crude Oil

Gold prices ended the U.S. day session moderately lower Tuesday, on a corrective pullback after hitting a four-week high overnight. Crude oil prices were down today, and that was also a negative for the precious metals markets. Traders and investors are looking ahead to U.S. economic data and “Fed-speak” this week to provide trading direction. August Comex gold was last down $5.90 an ounce at $1,265.50. July Comex silver was last down $0.077 at $17.40 an ounce.

The important “outside markets” on Tuesday saw Nymex crude oil futures prices slide. The oil market bulls and bears are presently on a level overall near-term technical playing field amid the recent choppy trading. Meantime, the U.S. dollar index was also slightly down. The greenback bears are still in near-term technical control as prices last week hit a six-month low and the dollar index is in a nearly three-month-old downtrend.

Traders and investors are looking forward to Friday’s U.S. employment report for May from the Labor Department. That report is arguably the most important U.S. economic data point of the month. The key non-farm payrolls number for May is forecast to come in at up around 210,000.

Several Federal Reserve Board members are scheduled to speak this week. Their comments will be parsed for clues on the timing of the next U.S. interest rate increase. The FOMC meets to discuss monetary policy in mid-June. Many Fed watchers think the June FOMC meeting will see a rate hike announced.

Live 24 hours gold chart [Kitco Inc.]

Technically, August gold futures prices closed nearer the session low today. The gold bulls still have the overall near-term technical advantage. Prices are in a three-week-old uptrend on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,300.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the May low of $1,217.80. First resistance is seen at today’s high of $1,273.40 and then at $1,280.00. First support is seen at today’s low of $1,261.80 and then at 1,250.00. Wyckoff's Market Rating: 6.0

July silver futures prices closed nearer the session high today and hit a four-week high. The silver market bears have the slight overall near-term technical advantage. However, the bulls have momentum to suggest a market bottom is in place. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the May low of $16.06. First resistance is seen at today’s high of $17.465 and then at $17.50. Next support is seen at today’s low of $17.205 and then at $17.00. Wyckoff's Market Rating: 4.5.

July N.Y. copper closed down 10 points at 256.50 cents today. Prices closed near mid-range today. The copper bulls and bears are on a level overall near-term technical playing field. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 270.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the May low of 247.25 cents. First resistance is seen at today’s high of 259.45 cents and then at the May high of 261.95 cents. First support is seen at today’s low of 253.90 cents and then at 250.00 cents. Wyckoff's Market Rating: 5.0.

Back
preloader