Gold, Silver Prices Drift Lower Amid Slow News Day
(Kitco News) - Gold and silver prices are again modestly lower in early U.S. trading Tuesday. There have been no major business news developments early this week, which is allowing the overall bearish technical charts to invite the technical sellers to step in. December gold futures were last down $2.30 an ounce at $1,197.40. December Comex silver was last down $0.066 at $14.115 an ounce.
World stock markets were mixed but mostly lower overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins. Hong Kong’s Hang Seng Index fell into bear market territory this week, meaning the stock index is down 20% from its most recent high.
World trade matters remain on the front burner of the marketplace early this week. Reports said the U.S. and European Union may be getting closer to a trade agreement after recent meetings.
The British pound is firmer this week on reports the U.K. and the EU are close to a Brexit agreement.
The key outside markets today find the U.S. dollar index near steady. Meantime, Nymex crude oil prices are slightly higher and trading just below $68.00 a barrel.
U.S. economic data due for release Tuesday is again light and includes the weekly Johnson Redbook and Goldman Sachs retail sales reports, and monthly wholesale trade.
Technically, gold bears have the firm overall near-term technical advantage. Gold bulls' next upside near-term price breakout objective is to produce a close in December futures above solid resistance at $1,220.70. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the August low of $1,167.10. First resistance is seen at Monday’s high of $1,203.80 and then at $1,209.00. First support is seen at last week’s low of $1,195.10 and then at $1,189.50. Wyckoff's Market Rating: 2.5
December silver futures bears have the solid overall near-term technical advantage. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $15.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.00. First resistance is seen at $14.405 and then at $14.59. Next support is seen at last week’s low of $14.035 and then at $14.00. Wyckoff's Market Rating: 1.5.