Gold, Silver See Choppy, 2-Sided Trading Session
(Kitco News) - Gold prices are modestly higher and near the daily highs in late-afternoon U.S. trading Tuesday. Meantime, silver prices are slightly down after hitting a 2.5-year low in morning action. There have been no major business news developments early this week, which is allowing prices to continue to drift sideways to lower. December gold futures were last up $2.00 an ounce at $1,201.80. December Comex silver was last down $0.011 at $14.17 an ounce.
World stock markets were mixed but mostly lower overnight but U.S. stock indexes are higher at midday. Despite some potential storm clouds on the horizon, traders and investors are showing generally upbeat attitudes so far this month. September and October have historically seen some turbulent trading times for stock and financial markets.
World trade matters remain on the front burner of the marketplace this week. Reports said the U.S. and European Union may be getting closer to a trade agreement after recent meetings.
Technically, December gold bears have the firm overall near-term technical advantage. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $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 last week’s high of $1,212.70 and then at $1,220.70. First support is seen at today’s low of $1,192.70 and then at $1,189.50. Wyckoff's Market Rating: 2.5
December silver futures 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 $15.07 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $13.50. First resistance is seen at $14.34 and then at $14.405. Next support is seen at today’s low of $13.965 and then at $13.75. Wyckoff's Market Rating: 1.0.
December N.Y. copper closed down 40 points at 262.35 cents today. Prices closed near mid-range today. The copper bears 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 the August high of 283.80 cents. The next downside price objective for the bears is closing prices below solid technical support at the August low of 257.45 cents. First resistance is seen at last week’s high of 268.00 cents and then at 270.00 cents. First support is seen at 260.00 cents and then at 257.45 cents. Wyckoff's Market Rating: 1.5.