Gold Showing Impressive Resilience Despite Rallying US Stock Market – Kitco News

(Kitco News) – Gold prices were modestly up in midday trading Tuesday, despite trader and investor risk appetite being keen early this week, as evidenced by solid rallies in the U.S. stock indexes and other world stock markets. Gold and silver bulls should consider their metals’ performance so far this week as pretty impressive, given little risk aversion in the marketplace, at present. June Comex gold futures were last up $3.20 an ounce at $1,343.20. May Comex silver was last up $0.061 at $16.59 an ounce.

U.S.-China trade tensions have significantly eased early this week. Trump administration officials said on Sunday and Monday that trade sanctions against China are not imminent and there is time to work out a solution to the matter. China’s Premiere Xi Jinping said today he wants a more open Chinese economy and pledged to do a better job of protecting intellectual property.

News that President Trump’s personal lawyer had his offices raided by the FBI may or may not have supported the gold and silver markets a bit today. Some legal experts are saying this is a very big deal. If so, the matter could become a much more important markets factor in the coming days, and that would be supportive to safe-haven gold and silver markets.

News that the U.S. has sanctioned Russian oligarchs and the metals firm United Co. Rusal has boosted aluminum, copper and palladium prices early this week. Rusal is the world’s second-largest aluminum producer.

The key “outside markets” on Tuesday saw the U.S. dollar index weaker. The greenback is seeing a corrective pullback so far this week after hitting a five-week high last Friday. Meantime, Nymex crude oil prices are solidly and trading just above $65.00 a barrel. Crude is boosted by the easing of U.S.-China trade tensions and by the missile strikes against Syria this week.

Technically, June gold futures bulls have the overall near-term technical advantage, but trading remains choppy. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the March high of $1,362.60. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at the March low of $1,309.30. First resistance is seen at $1,348.00 and then at $1,352.50. First support is seen at today’s low of $1,334.20 and then at this week’s low of $1,330.10. Wyckoff’s Market Rating: 6.5

May silver futures bears have the slight 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 $16.00. First resistance is seen at last week’s high of $16.68 and then at $16.81. Next support is seen at this week’s low of $16.295 and then at the March low of $16.10. Wyckoff’s Market Rating: 4.5.

May N.Y. copper closed up 575 points at 313.35 cents today. Prices closed near the session high and hit a three-week high today. The copper bulls and bears are now back on a level overall near-term technical playing field, but the bulls have momentum. A two-month-old downtrend on the daily bar chart has been negated. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 325.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 300.00 cents. First resistance is seen at 315.00 cents and then at 317.50 cents. First support is seen at 310.00 cents and then at today’s low of 306.80 cents. Wyckoff’s Market Rating: 5.0.

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