Gold, silver bulls lose their near-term technical advantage

June gold futures were last down $2.00 at $1,766.30 and July Comex silver was last down $0.095 at $25.99 an ounce.

stock indexes are pointed toward lower openings when the New York day session begins on this last day of the month, on some profit taking after the major indexes hit new record highs on Thursday.

In other overnight news, Euro zone consumer price inflation for April rose 1.6%, year-on-year, following a 1.3% rise in March.

Nymex crude oil prices are lower on profit taking after hitting a six-week high on Thursday and are trading around $63.80 a barrel.

Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,723.20.

Silver bulls’ next upside price objective is closing July futures prices above solid technical resistance at $27.00 an ounce.

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