Gold futures prices on Comex are witnessing a modest rise in early U.S. trading, while silver prices remain steady. The key external markets are creating favorable conditions for precious metals at the beginning of the trading week, with the U.S. dollar index weakening and crude oil prices rising solidly. The technical charts continue to show strong bullish signals for gold and silver, with June gold up by $7.30 at $2,032.00 and July silver down by $0.05 at $25.885.

Global stock markets displayed mixed but predominantly higher trends overnight. U.S. stock indexes are expected to open slightly higher as the New York day session commences. The general marketplace is witnessing reduced risk aversion at the start of the trading week, with U.S. banking stocks recovering some of their recent losses. Analysts will closely examine the Federal Reserve's first-quarter Senior Loan Officer Survey, released today, to assess the extent to which the banking industry has curtailed its lending practices in recent months.

President Biden is scheduled to meet with House Speaker Kevin McCarthy and other congressional leaders on Tuesday to discuss raising or suspending the U.S. debt ceiling, setting the stage for a potential standoff between the President and House Republicans. This development follows Treasury Secretary Janet Yellen's notification to lawmakers last week that the U.S. could default on its debt as early as June 1 if Congress does not raise or suspend the debt limit before then.

The most significant U.S. data release this week is the April consumer price index (CPI) report on Wednesday morning, which is anticipated to show a 5.0% year-on-year increase, consistent with the March CPI. The April core CPI is projected to rise by 5.5%, compared to a 5.6% increase in the March report.

In the key external markets today, the U.S. dollar index is slightly lower, while Nymex crude oil prices are trading solidly higher at around $73.25 a barrel. Meanwhile, the benchmark 10-year U.S. Treasury note yield currently stands at 3.462%.

U.S. economic data releases scheduled for Monday include the employment trends index, monthly wholesale trade, and the ISM semiannual report on business and the economy.

Technically, gold futures bulls hold a robust overall near-term technical advantage. The bulls' next upside price objective is to secure a close in June futures above the solid resistance level of $2,100.00. Conversely, bears' next near-term downside price objective is to push futures prices below the solid technical support at the April low of $1,965.90. The first resistance is seen at $2,040.00, followed by $2,050.00, while the first support is observed at today's low of $2,022.00 and then at Friday's low of $2,007.00. Wyckoff's Market Rating: 8.0.

Silver bulls maintain a solid overall near-term technical advantage. The next upside price objective for silver bulls is to close July futures prices above the solid technical resistance of $27.50, while the bears' next downside price objective is to close prices below the solid support at $24.50. The first resistance is seen at the April high of $26.435, followed by $26.75, with the next support observed at Friday's low of $25.41 and then at $25.00. Wyckoff's Market Rating: 8.0.