(Kitco News) - Comex gold futures are trading modestly lower Monday morning, on profit-taking pressure after hitting another all-time record high of $1,478.00 in overnight trading, basis the June contract. Comex silver futures also hit another fresh 31-year high overnight, at $41.975 an ounce, basis the May contract. The overall near-term fundamental and technical picture for the precious metals markets remains fully bullish. Comex June gold last traded down $3.20 an ounce at $1,470.90. Spot gold last traded down $5.20 at $1,470.50.

The U.S. dollar index is steady to weaker Monday after last Friday falling to a five-month low, while the Euro currency hit a fresh 15-month high. The weak technical posture of the U.S. dollar index remains a bullish factor for the precious metals markets.

Crude oil prices hit a fresh 2.5-year high of $113.46 a barrel overnight. Crude oil prices could be headed for $120.00 in the not-too-distant future. There are inflationary implications with crude oil prices over $110.00 a barrel, and with other raw commodity market prices also at near record or multi-year highs. Inflationary price pressures are bullish for the precious metals markets.

From a safe-haven investment demand perspective, precious metals continue to see buying interest due to geopolitical events in the world. From the Middle East, to Japan's nuclear crisis, to the European Union's debt problems, the precious yellow metal is seen as a store of value in very uncertain times.

There are no major U.S. economic reports due for release Monday.

The London A.M. gold fixing was $1,469.50 versus the previous P.M. fixing of $1,469.50.

Technically, June Comex gold futures bulls still have the strong overall near-term and longer-term technical advantage. Prices are in a 2.5-month-old uptrend on the daily bar chart and in a 10-year-old uptrend on the longer-term monthly chart. Important from a technical perspective is the fact the path of least resistance for gold prices has been and will continue to be sideways to higher, until there are significant technical clues to suggest otherwise. At present, there are none. However, remember that even the most powerful bull markets do not see prices go straight up. There are always corrective price pullbacks in bull markets. The higher a market goes, the higher the odds of larger corrective price pullbacks, within the overall bullish uptrend. Bulls' next near-term upside technical objective is to produce a close above major psychological resistance at $1,500.00. Bears' next near-term downside price breakout objective is closing prices below solid technical support at $1,450.00. First resistance is seen at the overnight record high of $1,478.00 and then at $1,485.00. First support is seen at $1,460.00 and then at $1,450.00.

May silver futures last traded up 57.2 cents at $41.18 an ounce Monday. Prices hit another 31-year high, at $41.975 an ounce overnight. Bulls have the strong overall near-term technical advantage. A 2.5-month-old uptrend is in place on the daily bar chart. There are still no early clues to suggest a market top is close at hand. In fact, the push above what was major psychological resistance at $40.00 does open the door to bigger price moves, on the upside and on the downside, in the near term. The next downside price breakout objective for the bears is closing prices below solid technical support at $39.00. Bulls' next upside price objective is producing a close above technical resistance at $42.50 an ounce. First resistance is seen at $41.50 and then at Monday's high of $41.975. Next support is seen at Monday's low of $40.92 and then at $40.50.