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(Kitco News) - Gold prices are down just a bit in midday U.S. trading Wednesday. Some mild profit taking from the shorter-term futures traders is featured, prompted by a mid-week bounce in the U.S. dollar index. August gold was last down $1.50 at $1,979.30 and September silver was up $0.119 at $25.375.
U.S. stock indexes are mixed at midday. The U.S. stock index bulls are enjoying price uptrends in place on the daily bar charts, with prices this week hitting their highs for the year. Solid quarterly earnings results from U.S. banks are also helping drive stock index prices higher. The rallying stock indexes are probably pulling away some bullish interest in the precious metals markets, as they are competing asset classes.
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| Gold prices push to six-week high as expectations grow for Fed rate hike pause |
The key outside markets today see the U.S. dollar index solidly higher. Meantime, Nymex crude oil prices are slightly up trading around $75.75 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 3.785%.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, August gold futures prices hit a 2.5-month high Wednesday. Bulls have the overall near-term technical advantage. Prices are in a three-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the June low of $1,900.60. First resistance is seen at this week’s high of $1,988.30 and then at $2,000.00. First support is seen at $1,972.00 and then at Tuesday’s low of $1,958.10. Wyckoff's Market Rating: 6.0.
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
September silver futures prices hit a nine-week high again today. The silver bulls have the firm overall near-term technical advantage. A three-week-old price uptrend is in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the April high of $26.645. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at today’s high of $25.46 and then at $25.85. Next support is seen at $25.00 and then at this week’s low of $24.815. Wyckoff's Market Rating: 7.0.
September N.Y. copper closed down 170 points at 381.25 cents today. Prices closed near mid-range today. The copper bulls and bears are on a level overall near-term technical playing field amid choppy trading. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the June high of 396.40 cents. The next downside price objective for the bears is closing prices below solid technical support at 368.30 cents. First resistance is seen at Tuesday’s high of 385.45 cents and then at 390.00 cents. First support is seen at today’s low of 378.10 cents and then at 374.25 cents. Wyckoff's Market Rating: 5.0.
