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(Kitco News) - Gold and silver prices are solidly higher in early U.S. trading Monday amid improved trader/investor risk sentiment in the general marketplace. June gold was last up $20.50 at $2,329.10. July silver was last up $0.70 at $27.39. Asian and European stock indexes were mixed overnight. U.S. stock indexes are pointed to toward higher openings when the New York day session begins. Risk appetite in the general marketplace has up-ticked the past couple weeks as geopolitical tensions have not escalated and following last Friday's "Goldilocks" U.S. jobs report that was not too hot and not too cold. Gold is also seeing underlying support from news reports and analysts notes that remind the marketplace of the better central bank demand for gold seen the past several months. Many in the marketplace think the central banks are the "smart money" in the marketplace. In overnight news, the Euro zone producer price index for March was down 0.4% from February and down 7.8%, year-on-year. The key outside markets today see the U.S. dollar index slightly up. Nymex crude oil prices are higher and trading around $79.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is fetching 4.479%. U.S. economic data due for release Monday includes the employment trends index and the global services purchasing managers index (PMI). The silver bulls and bears are on a level overall near-term technical playing field. However, a three-week-old price downtrend is still in place on the daily bar chart. Silver bulls' next upside price objective is closing July futures prices above solid technical resistance at $28.00. The next downside price objective for the bears is closing prices below solid support at $26.00. First resistance is seen at $27.50 and then at $27.735. Next support is seen at $27.00 and then at the overnight low of $26.655. Wyckoff's Market Rating: 5.0 (Hey! My "Markets Front Burner" weekly email report is my best writing and analysis, I think, because I get to look ahead at the marketplace and do some market price forecasting. Plus, I'll throw in an educational feature to move you up the ladder of trading/investing success. And it's free! Email me at jim@jimwyckoff.com and I'll add your email address to my Front Burner list.) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
Technically, the gold futures bulls have the overall near-term technical advantage. However, a price downtrend is in place on the daily bar chart. Bulls' next upside price objective is to produce a close in June futures above solid resistance at $2,364.40. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,250.00. First resistance is seen at $2,340.00 and then at $2,350.00. First support is seen at $2,300.00 and then at last week's low of $2,285.20. Wyckoff's Market Rating: 6.0.