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Gold, Silver Prices Pressured By Profit-Taking, Firmer U.S. Dollar

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(Kitco News) - Gold and silver prices were ending the U.S. day session modestly weaker Monday. Some profit-taking and chart consolidation were featured in both metals, after recent good gains. A higherU.S. dollar index on this day also worked against the precious metals market bulls. February Comex gold was last down $2.30 an ounce at $1,320.10. March Comex silver was last down $0.135 at $17.15 an ounce.

U.S. stock indexes were higher and hit new record highs Monday, which was also a negative for the competing asset class, precious metals.

There were no major news developments Monday or over the weekend to significantly impact the marketplace. The U.S. report schedule was also very light.

The other key outside market on Monday saw Nymex crude oil prices firmer and trading above $61.00 a barrel. Oil prices are near the three-year highs hit last week. Rallying oil prices are a positive development for the raw commodity sector, including the metals.

Live 24 hours gold chart [Kitco Inc.]

Technically, February gold futures prices closed near mid-range. The bulls still have the overall near-term technical advantage, amid a four-week-old uptrend in place on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,350.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,280.00. First resistance is seen at last week’s high of $1,327.30 and then at $1,335.00. First support is seen at $1,312.70 and then at $1,307.10. Wyckoff's Market Rating: 6.0

Live 24 hours silver chart [ Kitco Inc. ]

March silver futures prices closed nearer the session low on mild profit taking after hitting a six-week high last week. The bulls still have the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the October low of $16.435. First resistance is seen at last week’s high of $17.32 and then at $17.50. Next support is seen at $17.00 and then at $16.865. Wyckoff's Market Rating: 6.0.

March N.Y. copper closed down 5 points at 322.85 cents today. Prices closed near mid-range today. The copper bulls still have the firm overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 335.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 310.00 cents. First resistance is seen at 327.50 cents and then at 330.00 cents. First support is seen at today’s low of 322.05 cents and then at 320.00 cents. Wyckoff's Market Rating: 7.0.

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 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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