Gold, silver gain amid nervous marketplace
(Kitco News) - Gold and silver prices are firmer in midday U.S. trading Tuesday. There are several geopolitical matters at work that have traders and investors worldwide in a bit of a risk-averse mood. December gold futures were last up $2.70 an ounce at 1,507.20. December Comex silver prices were last up $0.19 at $17.735 an ounce.
Global stock market remain a bit wobbly, what with geopolitical issues lingering not far from the front burner of the marketplace, and which could flare up at any time. These include the U.S.-China trade war, U.S.-Iran tensions, Brexit, Hong Kong civil unrest and the Democrats working to impeach Trump. Reports overnight said German Chancellor Merkel told U.K. Prime Minister Johnson that the U.K’s Brexit deal won’t work for the European Union.
And as the U.S.-China trade talks get under way this week, the U.S. has just blacklisted 28 Chinese entities due to those firm purportedly repressing Muslims in China. Ideas are mixed on the outcome of this latest round of meetings between the world’s two largest economies. The Chinese may think they can leverage President Trump’s political problems in the U.S. to their advantage. However, Trump has “doubled-down” and said the U.S. will get a good and complete trade deal with China, or none at all.
Nymex crude oil prices are down and trading around $52.00 a barrel today. The other key “outside market” sees the U.S. dollar index higher in midday. The bearish posture of these two markets for the precious metals did limit the upside in the metals today.
Technically, December gold futures prices were nearer the session high at midday. The bulls have the overall near-term technical advantage but a four-week-old downtrend is still in place on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at the late-September high of $1,543.30. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at October low of $1,465.00. First resistance is seen at this week’s highof $1,518.80 and then at last week’s high of $1,525.80. First support is seen at $1,500.00 and then at today’s low of $1,492.10. Wyckoff's Market Rating: 6.5
December silver futures prices were nearer the session high at midday and scoring a mildly bullish “outside day” up on the daily bar chart. The silver bulls have the slight overall near-term technical advantage. However, a four-week-old downtrend is still in place on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the October low of $16.94. First resistance is seen at today’s high of $17.86 and then at $18.00. Next support is seen at today’s low of $17.305 and then at $17.00. Wyckoff's Market Rating: 6.0.
December N.Y. copper closed down 80 points at 256.95 cents today. Prices closed nearer the session low. 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 September high of 270.65 cents. The next downside price objective for the bears is closing prices below solid technical support at the September low of 248.20 cents. First resistance is seen at today’s high of 260.15 cents and then at 262.35 cents. First support is seen at Monday’s low of 255.25 cents and then at the October low of 251.50 cents. Wyckoff's Market Rating: 2.5.