(Kitco News) - Comex gold and silver futures prices finished the day session in New York lower on a sharp sell off in crude oil futures prices. Technically related selling was also featured as both gold and silver prices fell below some key near-term support levels. August gold last traded down $10.20 an ounce at $1,519.00. Spot gold last traded down $13.90 an ounce at $1,518.75. July Comex silver last traded down $01.302 at $30.025 an ounce.
Precious metals prices started the U.S. session under mild to modest selling pressure, but saw losses extended near midday when crude oil prices fell to their daily lows. Crude oil bulls are fading badly amid reports Saudi Arabia will begin pumping more crude oil in July. Weaker U.S. and China economic data recently is a major bearish fundamental that is pressuring the crude oil market. Overall, crude oil prices remain trapped in a wide, sideways trading range, but are now in the bottom portion of that range. Crude oil has been and will continue to be a leader in the raw commodity market sector.
There is some key economic data coming out of China early this week, and that will be closely watched by the market place. More weak Chinese data would be a bearish factor for the commodity markets, including the precious metals.
The U.S. dollar index traded slightly lower Monday. However, the index on Friday did post a bullish weekly high close as the bulls did gain a bit a fresh upside technical momentum, but need to show more power early this week to keep it. A weakening Euro currency as the European Union's debt problems are back on the front burner are pressure the Euro and supporting the U.S. dollar index. Any significant deterioration in the EU sovereign debt situation would be U.S. dollar-bullish. Reports say there is still no final IMF/EU/Greece agreement in place for dealing with Greece's sovereign debt problems.
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