Gold, Silver Prices Slight Up; Fresh Inputs Awaited
(Kitco News) - Gold and silver prices are just slightly firmer in early-afternoon U.S. trading Monday. A weaker U.S. dollar index today limited selling interest, but upbeat trader and investor attitudes to start the trading week thwarted buying of the safe-haven metals. However, there are some potential storm clouds on the horizon. December gold futures were last up $1.10 an ounce at $1,201.60. December Comex silver was last up $0.025 at $14.195 an ounce.
World stock markets were mixed to mostly higher today. European stock indexes were mostly higher, while Asian stock markets were mostly lower. U.S. stock indexes were narrowly mixed at midday. Risk appetite among traders and investors is on the slight upswing to start the trading week, despite some lingering concerns about the trade war being waged between the U.S. and its major trading partnersâ€”namely China. The U.S. is set to levy still more tariffs on Chinaâ€™s imports to the U.S.
Secondary currency and financial markets appeared to stabilize to start the trading week, which has somewhat assuaged the marketplace.
Still, veteran market watchers know that the months of September and October can be very turbulent for the stock and financial markets.
The other key outside market today finds Nymex crude oil prices slightly down and trading near $67.50 a barrel.
Technically, December gold bears still 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 weekâ€™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 weekâ€™s high of $1,212.70 and then at $1,220.70. First support is seen at last weekâ€™s low of $1,195.10 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 $14.00. First resistance is seen at $14.34 and then at $14.405. Next support is seen at last weekâ€™s low of $14.035 and then at $14.00. Wyckoff's Market Rating: 1.0.
December N.Y. copper closed up 55 points at 262.80 cents today. Prices closed nearer the session high today. The copper bears still have the firm overall near-term technical advantage. However, more decent gains in the very near term would form a bullish double-bottom reversal pattern on the daily chart, which would be a solid clue that a market bottom is in place. 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 weekâ€™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.