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Gold, Silver Down On Lack Of Bullish News, Bearish Charts

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(Kitco News) - Gold prices are moderately lower and silver prices are slightly down in early-afternoon U.S. trading Thursday. Bearish near-term technical postures for gold and silver combined with no major fundamental news to drive the markets at present are allowing both metals prices to drift sideways to lower. August gold futures were last down $5.40 an ounce at $1,226.40. September Comex silver was last down $0.104 at $15.485 an ounce.

The key “outside markets” today find Nymex crude oil prices higher and trading just below $70.00 a barrel. The U.S. dollar index is higher today, which also added some selling pressure to the metals markets.

The big U.S. economic data point of the week is Friday’s first estimate of gross domestic product (GDP). The number is expected to come in at up a strong 4.4%. However, some analysts are even calling for a number of 5.0% or just above. Friday could be the most active trading day of the week for many markets, including the precious metals.

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Live 24 hours gold chart [Kitco Inc.]

Technically, the gold bears have the solid overall near-term technical advantage. There are no strong, early clues to suggest a market bottom is close at hand.  A three-month-old downtrend is 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 $1,250.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,200.00. First resistance is seen at today’s high of $1,235.30 and then at $1,240.00. First support is seen at this week’s low of $1,218.10 and then at last week’s low of $1,210.70. Wyckoff's Market Rating: 2.0

Live 24 hours silver chart [ Kitco Inc. ]

The silver bears have the solid overall near-term technical advantage. There are no early clues to suggest a market bottom is close at hand. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $16.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $15.00. First resistance is seen at today’s high of $15.70 and then at last week’s high of $15.90. Next support is seen at this week’s low of $15.34 and then at last week’s low of $15.185. Wyckoff's Market Rating: 2.0.

September N.Y. copper closed down 15 points at 281.60 cents today. Prices closed nearer the session low. The copper bears have the firm overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 300.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the July low of 267.35 cents. First resistance is seen at this week’s high of 283.70 cents and then at 285.00 cents. First support is seen at 277.50 cents and then at 275.00 cents. Wyckoff's Market Rating: 2.5.

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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