Early trading Monday, gold Comex futures prices are placing diffident losses. As a result of some follow-through selling force from high-pitched losses suffered late last week. The massive increase in the U.S. dollar index the past couple trading sessions has encouraged improvement in selling interest in gold and silver markets. The gold and silver bears have gained several new downside technical momentum. June Comex gold last trade showed decline by $2.00 at $1,434.60 an ounce. Spot gold was last quoted a decline by $12.60 at $1,436.00 an ounce. July Comex silver last trade increased by $0.092 at $23.75 an ounce.
U.S. economic data due for announcement on Monday contains advance retail sales, manufacturing and trade inventories, and the New York Federal Reserve small business credit review.
The London previous P.M. fixing of $1,426.50 as the A.M. gold fixing is $1,429.75.
The bears still have technical advantages of gold in June, as of the bulls are having an upside technical momentum. On the daily chart gold prices is in a 7-month-old downtrend. The bulls coming upside near-term prices above solid technical resistance is at the May high $1,487.20. As for the bears downside prices under solid technical support is at $1,400.00. First resistance was sighted overnight at $1,448.30 and then at Friday $1,461.00, while the first support was sighted at the overnight low of $1,424.70 and then at $1,418.50.