Editor's note: Watch The Latest Kitco Video News!!

P.M. Kitco Roundup: Comex Gold Ends Down But Up From Daily Low; Bears Remain In Command

Monday November 25, 2013 1:56 PM

(Kitco News) - Gold prices finished the U.S. day session slightly lower and well up from the intra-day low that notched a nearly five-month low in overnight trading. The market was pressured in part by a weekend announcement that Iran has agreed to end its nuclear weapons programs. The key “outside markets” were also in a bearish daily posture for the precious metals Monday, as the U.S. dollar index was higher and crude oil prices were lower.  The charts in both gold and silver markets continue to fully favor the bearish camps. February Comex gold was last down $2.30 at $1,242.30 an ounce. Spot gold was last quoted down $0.90 at $1243.25. March Comex silver last traded up $0.074 at $19.975 an ounce.

The most surprising geopolitical news in months occurred over the weekend when Iran reached agreement with the U.S., Russia and other major nations to see reduced economic sanctions against Iran in exchange for its pledge to stop its nuclear weapons development program. This news was not at all expected and pushed crude oil prices lower and helped most world stock markets rally Monday. Not only will there now be more oil on the world market place (from Iran) but also the Middle East just saw its geopolitical volatility downtick a notch or two. The U.S. and Iran had not had any diplomatic relations in over 30 years.

Trading activity and market volumes may decline as this week progresses, due to the U.S. Thanksgiving holiday on Thursday.

The London P.M. gold fix is $1,243.00 versus the previous P.M. fixing of $1,246.25.

Technically, February gold futures prices closed near the session high Monday after hitting a nearly five-month low early on. Gold prices are in a four-week-old downtrend on the daily bar chart. The gold market bears have the solid overall near-term technical advantage. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,275.00. Bears' next near-term downside breakout price objective is closing prices below solid technical support at $1,200.00. First resistance is seen at $1,250.00 and then at $1,254.00. First support is seen at last week’s low of $1,236.50 and then at Monday’s low of $1,226.40. Wyckoff’s Market Rating: 2.5

March silver futures prices closed nearer the session high Monday after hitting a nearly four-month low early on. Tepid short covering in a bear market was featured. Silver bears still have the solid overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $20.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the August low of $19.29. First resistance is seen at $20.09 and then at $20.25. Next support is seen at Monday’s low of $19.62 and then at $19.50. Wyckoff's Market Rating: 2.0.

March N.Y. copper closed up 115 points at 323.00 cents Monday. Prices closed near mid-range and saw short covering. Bears still have the slight near-term technical advantage. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at 330.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the November low of 313.50 cents. First resistance is seen at 325.00 cents and then at Monday’s high of 326.85 cents. First support is seen at Monday’s low of 320.60 cents and then at 319.00 cents. Wyckoff's Market Rating: 4.5.

Follow me on Twitter to immediately get the very latest market developments. If you are not on board, then you are not getting key analysis and perspective as fast or as often as you could! Follow me on Twitter to get my very timely intra-day and after-hours briefs on precious metals price action. The precious markets will remain very active. If you want market analysis fast, and in after-hours trading, then follow my up-to-the-second precious metals market perspective on Twitter. It's free, too. My account is @jimwyckoff.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com

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 precious metal products, 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.
kitco news

Precious Metal Charts

Click to see this Precious Metal chart
  1. 24h
  2. 30D
  3. 60D
  4. 6M
  5. 1Y
 

Interactive Chart