Gold and Silver Prices Drop To Session Lows In Quiet Session

New York (May 14)  Gold and silver prices were were moderately lower in afternoon U.S. trading Monday. Right as the futures markets were closing selling pressure in the metals intensified. At the same time the U.S. dollar index moved up to its session high. June Comex gold futures were last down $7.50 an ounce at $1,313.30. July Comex silver was last down $0.222 at $16.53 an ounce.

There is keener risk appetite is in the marketplace at present, which is bearish for safe-haven gold and silver. U.S. stock indexes hit multi-week highs today.

Still, the gold and silver market bulls are encouraged by recent price action that suggests these metals have put in near-term market bottoms.

Focus of the marketplace this week will be on U.S. trade meetings with China that begin in the U.S. Tuesday, and a possible U.S. decision on the NAFTA trade agreement with Mexico.

The key “outside markets” today see Nymex crude oil prices slightly higher and not far below $71.00 a barrel. The U.S. dollar index

The key “outside markets” today see Nymex crude oil prices slightly higher and not far below $71.00 a barrel. The U.S. dollar index is is firmer on some bargain hunting following recent selling pressure.

There was no major U.S. economic data released Monday.

Live 24 hours gold chart [Kitco Inc.]

Technically, the gold bulls and bears are still on a level overall near-term technical playing field. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,340.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00.

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