Stock rallies continue to punish gold prices and money

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(Kitco News) – Gold and silver prices are again lower at the start of US trading on Tuesday. The price of gold has dropped to its lowest level for nearly four months. Investor and risk-oriented investor attitudes translate into money inflows into equities, but by losing interest in the safe haven markets. June gold futures were down $ 8.50 per ounce to $ 1,282.70. In May, Comex 's money was down from $ 0.085 to $ 14.89 an ounce.

The Asian and European stock indices have for the most part been on the rise. US stock indexes point to higher openings and six-month highs as the New York day begins. US indexes are nearing their record highs last fall.

There is currently no major geopolitical problem on the global market that can shake markets and the attitude of operators and investors is generally optimistic. In the United States, the world's largest economy is experiencing slightly better growth, but the Federal Reserve does not seem inclined to raise interest rates. Many people consider this scenario a "Goldilocks" for the stock market.

The main foreign markets are now seeing a slight rise in the index in US dollars. At the same time, Nymex crude oil prices are slightly higher and are trading around $ 63.50 per barrel.

The market is waiting for the report on China's gross domestic product to be released Wednesday morning. Most are expecting optimistic numbers north of 6% annual GDP growth of the world's second-largest economy.

The US economic reports to be released on Tuesday include the weekly retail sales reports from Goldman Sachs and Johnson Redbook, the NAHB's housing market index, as well as industrial production and capacity utilization.

Technically, gold bulls have lost their overall technical advantage in the short term. A downtrend line is in place on the daily bar chart. Bulls next bullish price target is to produce a futures market in June, above a strong resistance at the peak reached in April, to 1 317.70 USD. Bears' next short-term price reduction target pushes prices down to solid technical support at $ 1,284.90. The first resistance is observed at Monday's high, at $ 1,295.20, then at $ 1,300.00. The first support is seen at $ 1,280.00, then at $ 1,275.00. Wyckoff's Market Rating: 5.0

May the silver bears eventually have the general technical advantage in the short term. Prices are in a seven-week downtrend on the daily bar chart. The Silver Bulls' next bullish price target is to close the closing prices above a strong technical resistance to the highest reached in April, at $ 15.31 an ounce. The next downside price target for the bears is a lower closing price on a strong support at $ 14.50. The first resistance is seen at $ 15.00 then at $ 15.065. The next support is seen at Monday's low of $ 14,795 then at $ 14.70. Wyckoff Market Estimate: 4.0.