Gold sees moderate rebound from Tuesday's losses
(Kitco News) - Gold prices are moderately higher at midday Wednesday, on an upside correction after suffering sharp losses Tuesday. Rallying world stock markets that saw the U.S. indexes score record highs on Tuesday continue to squelch buying interest in the safe-haven metals. However, the U.S. stock indexes are seeing a mild pullback today, which is encouraging some bargain hunting in the gold market. December gold futures were last up $7.50 an ounce at 1,491.10. December Comex silver prices were last down $0.023 at $17.545 an ounce.
Trader and investor risk appetite remains upbeat at mid-week, amid no major developments on the U.S.-China trade front and no geopolitical flare-ups. The sense of the marketplace now is that a partial U.S.-China trade deal will be signed soon. The Chinese currency, the yuan, hit a three-month high versus the U.S. dollar this week and dropped back below the key 7-per-dollar level, as Chinese traders also reckon a signed trade deal is close.
Technically, December gold futures prices were nearer the session high at midday today. The bulls still have the overall near-term technical advantage amid choppy and sideways trading. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,520.90. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the October low of $1,465.00. First resistance is seen at $1,500.00 and then at $1,510.00. First support is seen at this week’s low of $1,480.70 and then at $1,478.00. Wyckoff's Market Rating: 6.5
December silver futures prices were nearer the session high at midday today. The silver bulls have the overall near-term technical advantage. However, a five-week-old uptrend on the daily bar chart has been negated. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the October high of $18.35 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 $18.00 and then at this week’s high of $18.23. Next support is seen at today’s low of $17.36 and then at $17.18. Wyckoff's Market Rating: 6.0.
December N.Y. copper closed down 395 points at 266.15 cents today. Prices closed near the session low today. The copper bulls have the slight overall near-term technical advantage as prices have been trending up for five weeks. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the July high of 280.50 cents. The next downside price objective for the bears is closing prices below solid technical support at 254.00 cents. First resistance is seen at 270.00 cents and then at this week’s high of 271.55 cents. First support is seen at this week’s low of 265.35 cents and then at last week’s low of 262.80 cents. Wyckoff's Market Rating: 5.5.