Gold prices ended the U.S. day session modestly lower Tuesday, on some follow-through selling from the shorter-term futures traders, after the solid losses seen Monday. Some profit taking was also featured. The recent rebound in the U.S. dollar index has also been a bearish “outside market” force working against the precious metals bulls the past few sessions. June Comex gold futures were last down $4.80 an ounce at $1,261.90. July Comex silver was last down $0.009 at $17.08 an ounce.
Rebounding U.S. and world stock markets so far this week are also pulling money away from the safe-haven gold market.
Technically, June gold futures prices closed nearer the session low today. The gold bulls still have the overall near-term technical advantage, but are fading again. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the May of $1,306.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at 1,250.00. First resistance is seen at today’s high of $1,269.50 and then at 1,275.00. First support is seen at today’s low of $1,258.30 and then at $1,250.00. Wyckoff’s Market Rating: 6.5
SPDR Gold Holding rose 2.38 tonnes to 824.94 tonnes on Tuesday. Holdings are at their highest since December 2013.
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