Gold Prices A Bit Firmer On Tepid Short Covering
(Kitco News) - Gold prices were ending the U.S. day session slightly higher Wednesday. Short covering in the futures market and some perceived bargain hunting in the cash market were featured after prices fell to a four-month low on Tuesday. February Comex gold was last up $1.70 an ounce at $1,266.60. March Comex silver prices hit a nearly five-month low today and were was last down $0.098 at $15.97 an ounce.
The key “outside markets” were in a bearish posture for the precious metals Wednesday. The U.S. dollar index was higher and Nymex crude oil futures prices were solidly lower. The price uptrend in crude oil has stalled, with strong overhead technical resistance levels preventing gains.Â Â
Today’s U.S. ADP national employment report for November showed a rise of 190,000 jobs, which was close to market expectations and moved the markets very little. The U.S. economic report highlight of the trading week will be Friday morning’s November U.S. employment report from the Labor Department. The key non-farm payrolls number is forecast to be up 195,000.
Technically, February gold futures prices closed nearer the session low. The bears have the overall near-term technical advantage. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at the November high of $1,303.40. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,250.00. First resistance is seen at today’s high of $1,271.80 and then at $1,275.00. First support is seen at this week’s low of $1,263.20 and then at $1,260.00. Wyckoff's Market Rating: 4.0
March silver futures prices closed nearer the session low and hit another nearly five-month low today. The silver bears have the solid overall near-term technical advantage. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $16.70 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the July low of $15.225. First resistance is seen at today’s high of $16.17 and then at $16.38. Next support is seen at today’s low of $15.935 and then at $15.75. Wyckoff's Market Rating: 2.5.
March N.Y. copper closed up 160 points at 296.25 cents today. Prices closed near mid-range on tepid short covering after hitting a nine-week low on Tuesday. The copper bulls and bears are on a level overall near-term technical playing field. Prices are in a six-week-old downtrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 310.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 280.00 cents. First resistance is seen at 300.00 cents and then at 305.00 cents. First support is seen at this week’s low of 294.30 cents and then at the September low of 291.35 cents. Wyckoff's Market Rating: 5.0.