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Gold Firmer On Bullish Daily Outside Markets

Kitco News

(Kitco News) - Gold prices were ending the U.S. day session with moderate gains Wednesday, on a corrective bounce from recent selling pressure that drove prices to a seven-week low Tuesday. The key “outside markets” were in a bullish daily posture for the precious metals markets, as the U.S. dollar index was weaker and crude oil prices were solidly higher. June Comex gold was last up $4.50 an ounce at $1,220.60. July Comex silver was last up $0.138 at $16.205 an ounce.

Some short covering in the gold and silver futures markets and bargain hunting in the cash markets were featured today.

World stock markets were mostly weaker in Wednesday, on some profit taking and corrective technical pullbacks from recent gains. U.S. stock indexes were mixed at midday. Safe-haven gold is supported on days when the world stock markets are not in a full rally mode.

The world marketplace is so far not paying much attention to the surprise move by U.S. President Donald Trump to fire FBI Director James Comey late Tuesday afternoon.

Live 24 hours gold chart [Kitco Inc.]

Technically, June gold futures prices closed near the session low today. The gold bears still have the overall near-term technical advantage. Prices are in a three-week-old downtrend 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 Tuesday’s high of $1,228.70 and then at this week’s high of $1,236.90. First support is seen at this week’s low of $1,215.60 and then at 1,210.00. Wyckoff's Market Rating: 3.5

July silver futures prices closed near mid-range on short covering in a bear market. Prices Tuesday and hit a four-month low. The silver market bears have the solid overall near-term technical advantage. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $17.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the December low of $15.859. First resistance is seen at today’s high of $16.345 and then at this week’s high of $16.455. Next support is seen at this week’s low of $16.06 and then at $16.00. Wyckoff's Market Rating: 1.5.

July N.Y. copper closed up 30 points at 249.45 cents today. Prices closed near mid-range. Prices Monday hit a 4.5-month low. The copper bears have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 270.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the December low of 246.25 cents. First resistance is seen at this week’s high of 254.70 cents and then at 258.00 cents. First support is seen at this week’s low of 247.25 cents and then at 246.25 cents. Wyckoff's Market Rating: 4.0.

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.