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P.M. Kitco Metals Roundup: Gold Rebounds on Short Covering and Bargain Hunting, Weaker U.S. Dollar

Tuesday November 11, 2014 2:08 PM

(Kitco News) - Gold prices ended the U.S. day session moderately higher Tuesday. Short covering and bargain hunting were featured following selling pressure to start the trading week. A weaker U.S. dollar index Tuesday was also supportive for gold and silver markets. However, world stock markets that continue in rally mode amid better investor risk appetite limited the upside in the precious metals. December Comex gold was last up $5.60 at $1,165.40 an ounce. Spot gold was last quoted up $13.40 at $1,165.50. December Comex silver last traded up $0.099 at $15.765 an ounce.

It was a quieter trading day in the market place Tuesday, due to the U.S. Veterans Day holiday that had the U.S. government closed. U.S. stock indexes were firmer and are hovering at or near their record or multi-year highs. The past few weeks have seen more of a “risk-on” trader mentality in the market place, to the detriment of safe-haven assets like U.S. Treasuries and gold.

(Note: Follow me on Twitter--@jimwyckoff--for breaking market news.)

The London P.M. gold fix was $1,156.50 versus the previous London A.M. fixing of $1,151.25.

Technically,  December gold futures prices closed near the session high. The gold bears still have the firm near-term technical advantage. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,200.00. Bears' next near-term downside breakout price objective is closing prices below solid technical support at last week’s low of $1,130.40. First resistance is seen at $1,170.00 and then at $1,175.00. First support is seen at $1,160.00 and then at $1,150.00. Wyckoff’s Market Rating: 2.5

December silver futures prices closed near the session high on tepid short covering. The silver bears still have the solid overall near-term technical advantage. Prices are in a four-month-old downtrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $16.22 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 Monday’s high of $15.88 and then at $16.00. Next support is seen at today’s low of $15.445 and then at $15.20. Wyckoff's Market Rating: 1.5.

December N.Y. copper closed up 100 points at 303.00 cents today. Prices closed nearer the session high today. Short covering was featured. The bears still have the near-term technical advantage. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at the October high of 311.40 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the October low of 295.15 cents. First resistance is seen at Monday’s high of 305.10 cents and then at 307.50 cents. First support is seen at 300.00 cents and then at 298.00 cents. Wyckoff's Market Rating: 3.0.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow me on Twitter @jimwyckoff

 

 

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.
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