Comex gold futures on Monday U.S. trading amid higher. Current good demand for physical gold continues to establish the market. June Comex gold last traded up $5.80 at $1,470.00 an ounce. While at Spot market gold last cited up $2.40 at $1,473.50.
London wasn’t open for its public holiday, which made dealing come weaker for other exchange markets. The German economy, the largest economy in Europe, is getting weaker. The USD index was stable at the morning. The recent return for the USD is a bearish essential factor for the precious metals markets. While Nymex crude oil future prices are stable at early Monday.
Technically speaking, June gold futures bears have the long-term technical advantage. Gold bulls have to do more work to make an up-trend in the near-term on the daily chart. On the daily bar chart, gold prices are in a 7-month-old downtrend. The gold bears next downside closing prices under solid technical support at $1,439.70. While the gold bull’s upside closing without solid technical support’s resistance at $1,500.00. The first resistance was overnight high with $1,478.40 and at this week’s high with $1,439.70. As for the first support was seen overnight low with $1,467.00 and at this week’s low with $1,455.40.
Also silver on the daily chart, silver prices are in a 7-month-old downtrend. The bear’s downside closing prices at last week’s low under solid technical support at $23.00. While the bull’s upside prices above solid technical resistance at $25.00 an ounce. The first resistance was overnight high with $24.42 and the week’s high with $24.58. As for the support it was overnight low with $24.00 and at this week’s low with $23.415. Gold-silver ratio is currently at 61.39.