Gold, Silver See Choppy, Lackluster Summertime Trading
(Kitco News) - Gold and silver prices are near steady but have traded on both sides of unchanged in uninspired action Wednesday. The precious metals traders are looking for a dose of new fundamental information to provide a spark to the markets. With much of Europe on holiday and many traders in the U.S. taking family vacations, trading action has been constrained. December gold futures were last up $0.70 an ounce at $1,219.00. September Comex silver was last up $0.027 at $15.405 an ounce.
Amid the lack of fresh metals-market-moving news recently, the path of least resistance for prices remains sideways to lower because the near-term technical postures for gold and silver remain fully bearish.
U.S. economic data released so far this week has also been on the light side.
Technically, gold bears have the solid overall near-term technical advantage amid a price downtrend on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close in December futures above solid resistance at $1,244.70. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,200.00. First resistance is seen at this week’s high of $1,226.00 and then at $1,230.00. First support is seen at last week’s low of $1,212.50 and then at $1,200.00. Wyckoff's Market Rating: 1.5
September 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 $15.75 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 this week’s high of $15.505 and then at last week’s high of $15.635. Next support is seen at last week’s low of $15.25 and then at the July low of $15.185. Wyckoff's Market Rating: 1.5.