Gold, Silver Prices Gain As Greenback Wilts
(Kitco News) - Gold and silver prices are moderately up in early-afternoon U.S. trading Monday. The precious metals are seeing support coming from a solidly lower U.S. dollar index today. Less robust risk appetite to start the trading week also worked in favor of the safe-haven metals today. December gold futures were last up $6.50 an ounce at $1,207.60. December Comex silver was last up $0.108 at $14.25 an ounce.
World stock markets were mostly lower today. Traders and investors are in a risk-off mode to start the week, as reports say the Trump administration is set to soon slap more tariffs on China in the ongoing trade war between the world’s two largest economies. Reports also said China is considering declining the U.S. offer for new trade talks later this month.
The other key outside markets today finds Nymex crude oil prices are slightly down and trading just below $69.00 a barrel. Stiff chart resistance above the market has capped gains, and will likely continue to do so.
Technically, December gold futures bears still have the overall near-term technical advantage. However, prices have been trading sideways for over two weeks, which suggests a market bottom is in place. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $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 week’s high of $1,218.00 and then at $1,220.70. First support is seen at $1,200.00 and then at last week’s low of $1,192.70. Wyckoff's Market Rating: 3.0
December silver futures prices closed nearer the session high today. The silver bears still have the solid overall near-term technical advantage. There are still 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 $13.50. First resistance is seen at last week’s high of $14.39 and then at $14.50. Next support is seen at today’s low of $14.065 and then at last week’s low of $13.965. Wyckoff's Market Rating: 1.5.
December N.Y. copper closed up 45 points at 265.05 cents today. Prices closed nearer the session high today on tepid short covering in a bear market. The copper bears have the firm overall near-term technical advantage. 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 of 268.00 cents and then at last week’s high of 271.75 cents. First support is seen at 260.00 cents and then at 257.45 cents. Wyckoff's Market Rating: 2.0.