August gold futures were last down $8.50 at $1,802.80 and September Comex silver was last up $0.255 at $25.25 an ounce.
At mid-week the marketplace remains concerned about the new variant of Covid-19 that is spreading and becoming increasingly worrisome—right as many North Americans and Europeans are getting ready to take family vacations and as the Olympics in Tokyo get under way.
Meantime, Nymex crude oil prices are sharply higher on a big corrective bounce after dropping sharply and hitting a five-week low on Monday, and are trading around $70.30 a barrel.
Technically, gold futures bulls have the slight overall near-term technical advantage but a price uptrend on the daily bar chart is in jeopardy.
The silver bears have the firm overall near-term technical advantage as prices have this week seen a bearish downside “breakout” from a sideways trading range.