Both markets pushed well off their early session lows when the U.S. dollar index lost its good early gains and as crude oil prices rallied. August gold was last up $6.00 at $1,975.50 and July silver was down $0.092 at $23.655.
In weekend news, Saudi Arabia decided to unilaterally cut its crude oil production by around 1 million barrels per day, starting in July. Meantime, the OPEC-plus cartel at its meeting decided to leave its collective crude oil output unchanged. Technically, August gold futures bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the May low of $1,949.60. First resistance is seen at $1,985.00 and then at $2,000.00. First support is seen at today’s low of $1,953.80 and then at $1,949.60. Wyckoff's Market Rating: 6.5.
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