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Gold, silver weaker on profit taking, less risk aversion

Kitco Media
By Jim Wyckoff
Published
Updated
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Gold, silver weaker on profit taking, less risk aversion teaser image

(Kitco News) - Gold and silver prices are lower near midday Thursday but gold is off its session low. Profit-taking from the shorter-term futures traders is seen in both metals, while weak long liquidation (futures traders that recently established long positions and then they quickly went under water) is seen in gold. Better risk appetite in the general marketplace today is also a negative for the safe-haven metals. August gold was last down $19.50 at $3,378.40. September silver prices were last down $0.218 at $39.285.

The key outside markets today see the U.S. dollar index a bit firmer. Nymex crude oil futures are higher and trading around $66.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.402%.  

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Technically, August gold futures bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at the June high of $3,476.30. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $3,300.00. First resistance is seen at $3,400.00 and then at $3,425.00. First support is seen at today’s low of $3,355.20 and then at $3,314.30. Wyckoff's Market Rating: 7.0.

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September silver futures bulls have the solid overall near-term technical advantage. Prices are in an uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $40.00. The next downside price objective for the bears is closing prices below solid support at $36.00. First resistance is seen at $40.00 and then at $40.50. Next support is seen at this week’s low of $38.365 and then at $38.00. Wyckoff's Market Rating: 8.5.

(Hey! My “Markets Front Burner” weekly email report is my best writing and analysis, I think, because I get to look ahead at the marketplace and do some market price forecasting. Plus, I’ll throw in an educational feature to move you up the ladder of trading/investing success. And it’s free! Sign up here; it’s real easy. https://www.kitco.com/services

Kitco Media

Jim Wyckoff

Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York. As a journalist, he has covered every futures market traded in the U.S., at one time or another.

Jim is the proprietor of the "Jim Wyckoff on the Markets" analytical, educational and trading advisory service. Jim also worked as a technical analyst for Dow Jones Newswires and as the senior market analyst with TraderPlanet.com. Jim is also a consultant with the highly respected "Pro Farmer" agricultural advisory service. Jim was also the head equities analyst at CapitalistEdge.com. He received his degree from Iowa State University in Ames, Iowa, where he studied journalism and economics.

Follow Jim daily on Kitco.com as he provides both AM and PM roundups and a daily Technical Special. 1 877 963-NEWS jwyckoff at kitco.com

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Tags:

goldsilverU.S. dollar indexNymex crude oil10-year U.S. Treasury

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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.