Gold, silver down as greenback, bond yields up

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(Kitco News) – Gold and silver prices are lower in midday U.S. trading Tuesday, pressured in part by rising U.S. Treasury yields and a higher U.S. dollar index. August gold futures were last down $12.80 at $1,844.50. July Comex silver futures were last down $0.366 at $21.73 an ounce.

U.S. stock indexes are mixed at midday. The feature in the marketplace to start the U.S. trading week is higher crude oil prices that are trading above $116 a barrel in Nymex futures, on news the European Union has agreed to ban the import of most Russian oil by the end of this year.

U.S. President Joe Biden has summoned Fed Chair Jerome Powell to the White House for a meeting Tuesday to discuss problematic price inflation that is gripping the U.S. at present.

The other key outside markets today see the U.S. dollar index is up in midday trading. The yield on the 10-year U.S. Treasury note is fetching 2.848%.

Technically, Technically, August gold futures prices scored a bearish “outside day” down on the daily bar chart today. An 11-week-old price downtrend is 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 $1,792.00. First resistance is seen at today’s high of $1,867.90 and then at last week’s high of $1,875.00. First support is seen at today’s low of $1,841.30 and then at $1,825.00. Wyckoff’s Market Rating: 3.0.

July silver futures see an 11-week-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 $22.00 and then at last week’s high of $22.475. Next support is seen at today’s low of $21.455 and then at $21.25. Wyckoff’s Market Rating: 2.5.

July N.Y. copper closed down 60 points at 430.05 cents today. Prices closed nearer the session low today and hit a nearly four-week high early on. The copper bears have the overall near-term technical advantage. However, bulls are working on a fledgling uptrend on the daily bar chart. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 450.00 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 last week’s low of 420.35 cents and then at 415.00 cents. Wyckoff’s Market Rating: 3.5.