Gold and silver prices ended the U.S. day session lower Tuesday, on profit taking from recent gains. Gold prices hit a five-week high overnight, while silver notched a three-week high. A rebound in the U.S. dollar index today also worked against the precious metals market bulls. April Comex gold futures were last down $12.70 an ounce at $1,342.40. May Comex silver was last down $0.149 at $16.535 an ounce.
World stock markets were mostly higher overnight. U.S. stock indexes were mixed to firmer in early afternoon trading today. Risk appetite has returned to the marketplace early this week amid signs the U.S. and China will attempt to work out their trade disagreements. That’s a bearish element for the safe-haven gold and silver markets, which had been supported recently on worries about a world trade war.
The key “outside markets” on Tuesday saw the U.S. dollar index higher on a corrective bounce after hitting a five-week low overnight. Meantime, Nymex crude oil prices were slightly lower and trading just above $65.00 a barrel.
Technically, April gold futures prices closed nearer the session low today. Prices also scored a bearish “outside day” down on the daily bar chart. The gold bulls still have the overall near-term technical advantage. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at the January high of $1,370.50. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,320.00. First resistance is seen at $1,350.00 and then at today’s high of $1,356.80. First support is seen at today’s low of $1,339.60 and then at $1,335.00. Wyckoff's Market Rating: 6.0
May silver futures prices closed nearer the session low and hit a three-week high early on. Prices also scored a bearish “outside day” down on the daily bar chart. The silver bears have the overall near-term technical advantage. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $17.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the March low of $16.10. First resistance is seen at today’s high of $16.81 and then at the March high of $16.895. Next support is seen at today’s low of $16.465 and then at $16.33. Wyckoff's Market Rating: 4.0.
May N.Y. copper closed up 255 points at 299.60 cents today. Prices closed near mid-range today and saw short covering after hitting a six-month low on Monday. The copper bears have the slight near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 310.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the September low of 293.25 cents. First resistance is seen at today’s high of 302.40 cents and 305.00 cents. First support is seen at today’s low of 297.75 cents and then at 295.00 cents. Wyckoff's Market Rating: 4.0.