Gold, silver near steady amid conflicting daily inputs

Gold and silver prices are not trading too far from unchanged in midday action Thursday. Bearish for the metals is a stabilization of the U.S. stock indexes this week, after hitting 12-month lows last week. Rising bond yields at midday are also a negative for the metals. However, sharply higher crude oil prices and a weaker U.S. dollar index are working in favor of the metals market bulls on this day. June gold futures were last down $1.50 at $1,844.80.July Comex silver futures were last up $0.065 at $21.93 an ounce.

The metals showed no significant or lasting reaction to a weaker-than-expected revision to U.S. first-quarter GPD today, which came in down 1.5%, year-on-year.

Gold price still on pace to push above $2,000 as stagflation, recession risks rise – In Gold We Trust

The key outside markets today see Nymex crude oil futures prices sharply higher and trading around $114.50 a barrel. Meantime, the U.S. dollar index is weaker in early trading and is well down from the May 20-year high. The yield on the 10-year U.S. Treasury note is fetching 2.781%.

Technically, June gold futures see a 2.5-month-old price downtrend in place on the daily bar chart. Bears have the firm overall near-term technical advantage. Bulls' next upside price objective is to produce a close above solid resistance at $1,900.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the May low of $1,785.00. First resistance is seen at today’s high of $1,852.80 and then at this week’s high of $1,869.10. First support is seen at today’s low of $1,836.30 and then at $1,830.00. Wyckoff's Market Rating: 3.0

July silver futures also see a 2.5-month-old price downtrend in place on the daily bar chart. The silver bears have the firm overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $23.00 an ounce. The next downside price objective for the bears is closing prices below solid support at the May low of $20.42. First resistance is seen at this week’s high of $22.215 and then at $22.50. Next support is seen at this week’s low of $21.645 and then at $21.50. Wyckoff's Market Rating: 2.5.

July N.Y. copper closed up 35 points at 425.80 cents today. Prices closed nearer the session high today. The copper bears have the firm overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 445.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the May low of 403.70 cents. First resistance is seen at 430.00 cents and then at this week’s high of 435.50 cents. First support is seen at today’s low of 420.35 cents and then at 415.00 cents. Wyckoff's Market Rating: 2.5.

By Jim Wyckoff

For Kitco News

Time to buy Gold and Silver on the dips

David