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P.M. Kitco Roundup: Gold Ends Steady-Weak on Profit Taking, Chart Consolidation; FOMC Minutes On Deck

Tuesday July 8, 2014 2:00 PM

(Kitco News) - Gold prices ended the U.S. day session steady to weaker Tuesday. Trading has turned choppy and sideways amid some technical backing and filling on the charts, some profit taking by the shorter-term traders, and as fresh fundamental news is awaited. August Comex gold was last down $0.30 at $1,316.70 an ounce. Spot gold was last quoted down $4.30 at $1,316.25. December Comex silver last traded down $0.002 at $21.074 an ounce.

It has been a quieter trading affair in many markets early this week, amid a lack of major world economic news released so far. The focal point for U.S. traders this week is the FOMC meeting minutes from the Federal Reserve that are due out Wednesday afternoon. That data could give the markets a bit of a rattle, as markets have been very sensitive to Fed data releases in recent years.

Traders and investors are keeping a closer eye on the Middle East, as Israel has launched a military offensive on the Gaza strip. The Hamas group has retaliated with its own rocket launches into Israel.

The London P.M. gold fix was $1,323.00 versus the previous P.M. fixing of $1,318.25.

Technically, August gold futures prices closed nearer the session low Tuesday. Prices are trading choppy amid some chart consolidation. Gold market bulls have the slight overall near-term technical advantage. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,334.90. Bears' next near-term downside breakout price objective is closing prices below solid technical support at $1,300.00. First resistance is seen at Tuesday’s high of $1,325.70 and then at $1,330.00. First support is seen at Tuesday’s low of $1,314.30 and then at last week’s low of $1,309.40. Wyckoff’s Market Rating: 5.5

December silver futures prices closed nearer the session low Tuesday and saw more mild profit taking after prices hit a 3.5-month high last week. The bulls still have the overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the March high of $21.86 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $20.70. First resistance is seen at Monday’s high of $21.295 and then at last week’s high of $21.385. Next support is seen at Monday’s low of $20.945 and then at last week’s low of $20.87. Wyckoff's Market Rating: 6.0.

December N.Y. copper closed down 10 points at 326.00 cents Tuesday. Prices closed nearer the session low and saw mild profit taking after hitting a 5.5-month high early on. Copper bulls still have the firm overall near-term technical advantage. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at the January high of 334.40 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 316.50 cents. First resistance is seen at Tuesday’s high of 329.10 cents and then at 330.00 cents. First support is seen at Monday’s low of 323.70 cents and then at 322.50 cents. Wyckoff's Market Rating: 7.0.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow me on Twitter @jimwyckoff

 

 

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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