Make Kitco Your Homepage

Gold Prices Down, Market Needs A Catalyst To Shake The Summertime Blues

Kitco News

(Kitco News) - Gold prices are slightly down in early-afternoon U.S. trading Monday. Meantime, silver prices posted slim gains. Both metals visited both sides of unchanged today in lackluster summertime trading. December gold futures were last down $1.10 an ounce at $1,231.60. September Comex silver was last up $0.037 at $15.53 an ounce.

The gold and silver markets remain in the grips of the chart-based bears, and with no major fundamental news to drive the metals at present, prices will likely continue to drift sideways to lower. The safe-haven metals bulls need a jolt of fresh, major news on the geopolitical front to create some new uncertainties.

Traders and investors are looking ahead to this week’s central banker meetings in the U.S., Japan and the U.K. Only the Bank of England is expected to make any policy move—likely raising its interest rates slightly. The Federal Reserve’s FOMC meeting begins Tuesday morning and ends Wednesday afternoon with a statement.

The key “outside markets” today find Nymex crude oil prices solidly higher and trading around $70.00 a barrel. The U.S. dollar index is lower today. The bullish daily postures of these two markets did limit the downside in the precious metals markets.

(NOTE: Follow me on Twitter: @jimwyckoff)

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 3.5-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 Friday’s high of $1,236.50 and then at last week’s high of $1,244.70. First support is seen at last week’s low of $1,226.30 and then at the July low of $1,221.00. Wyckoff's Market Rating: 1.5

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 last week’s high of $15.70 and then at $15.90. Next support is seen at last week’s low of $15.34 and then at the July low of $15.185. Wyckoff's Market Rating: 2.0.

September N.Y. copper closed down 75 points at 279.45 cents today. Prices closed nearer the session high. 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 last week’s high of 283.70 cents and then at 285.00 cents. First support is seen at today’s low of 275.85 cents and then at 273.00 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.

Precious Metal Charts

Follow Kitco News