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Gold, Silver Prices Near Steady; Fresh Inputs Awaited

Kitco News

(Kitco News) - Gold and silver prices are not straying too far from unchanged in lackluster early U.S. trading action Tuesday. Precious metals traders are awaiting some new fundamental developments to help drive price direction. December gold futures were last up $0.10 an ounce at $1,205.90. December Comex silver was last up $0.002 at $14.225 an ounce.

World stock markets were mostly higher overnight. U.S. stock indexes are also pointed toward higher openings when the New York day session begins. Stock market bulls point out that we are now more than half way through what can be the historically turbulent month of September with no significant speed bumps yet encountered.  

The marketplace is not showing a major reaction to the news Monday afternoon that President Trump will slap another $200 billion in tariffs against China, to which China vowed to retaliate, and to which Trump said he would retaliate to the retaliation. Reports said the world’s two largest economies still plan to hold trade talks later this month.

The key outside markets today find the U.S. dollar index slightly firmer and Nymex crude oil prices higher and trading just below $70.00 a barrel. Stiff chart resistance above the market has capped gains, and will likely continue to do so.

U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales reports, the NAHB housing market index, and Treasury international capital data.

Live 24 hours gold chart [Kitco Inc.]

Technically, gold bears have the overall near-term technical advantage. However, recent sideways price action favors the bulls and suggests a market bottom is in place. Gold bulls' next upside near-term price breakout objective is to produce a close in December futures above solid 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 Monday’s high of $1,209.70 and then at last week’s high of $1,218.00. First support is seen at this week’s low of $1,197.50 and then at last week’s low of $1,192.70. Wyckoff's Market Rating: 3.0

Live 24 hours silver chart [ Kitco Inc. ]

December 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 $15.00 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 this week’s low of $14.065 and then at last week’s low of $13.965. Wyckoff's Market Rating: 1.5.

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.