Follow Kitco News on the Updated  Kcast Gold Live!+ for the iPhone -- Now You Can Watch Kitco Video News Right from Your Phone!

(Kitco News) - Comex gold futures prices came within a whisker of $1,900.00 an ounce Monday, and closed the day session sharply higher and near the new all-time record high of $1,898.60 an ounce. The market place was a bit calmer Monday, as world stock markets have at least temporarily stabilized amid the ongoing European Union debt crisis. However, there was fresh unrest in Libya during the weekend that prompted fresh safe-haven demand for gold. December gold last traded up $41.00 at $1,893.20 an ounce. Spot gold last traded up $37.70 an ounce at $1,890.50. December Comex silver last traded up $1.128 at $43.595 an ounce.

Fresh civil unrest in Libya has temporarily joined the European Union debt crisis as a major market factor. Rebels have taken control of the Libyan capital of Tripoli, with many believing Libyan leader Gadhaffi is on the verge of being overthrown. The uncertainty regarding the Libyan situation and the ongoing EU debt crisis are gold market bullish. There were no major weekend developments on the EU debt crisis front, but traders are keeping a keen eye out for any fresh EU news, and on how the EU financial markets are acting. Some key economic data coming out of Germany on Tuesday and Wednesday will be the next major pieces of the EU debt equation that traders will closely evaluate. Don't be surprised to see the European financial markets once again go from a simmer to a boil in the coming days.

This week's Federal Reserve symposium in Jackson Hole, Wyoming will attract keen trader and investor attention. It was at last year's event in Jackson Hole that Fed Chairman Ben Bernanke unveiled a fresh U.S. economic stimulus package. Given the recent spate of weak U.S. economic data, many wonder if the Fed will announce another monetary stimulus effort at this year's meeting (QE3). Bernanke is scheduled to give a speech in Jackson Hole on Friday. Speculation among traders and investors about further Fed easing of monetary policy is a mildly bullish development for the precious metals. However, most market watchers do not think the Fed will take significant action on monetary policy during Bernanke's speech Friday.

The market place continues to look to the U.S. stock market and its daily movements. The daily price moves in the U.S. stock indexes continue to be the gauge for measuring investor risk appetite in the market place.

The U.S. dollar index traded narrowly mixed Monday. The greenback bulls have faded recently and the bears have the overall near-term technical advantage. That's also bullish for the precious metals.

Crude oil prices are trading higher Monday on short covering following strong losses late last week. Price late last week hint that crude oil futures prices may retest the August low. The crude oil market will continue to be a major "outside market" force for the precious metals.

The London P.M. gold fixing was $1,877.50 versus the previous P.M. fixing of $1,848.00.

Technically, December gold futures prices closed nearer the session high Monday. Gold bulls have the strong overall near-term and longer-term technical advantage. There are no early technical clues to suggest a market top is close at hand, even though this is a mature bull market run that has gone parabolic. There have been big daily moves on the upside recently, but traders now need to expect bigger downside price corrections coming up, in the overall uptrend. Gold prices are in a 6.5-month-old uptrend on the daily bar chart and in a 10-year-old uptrend on the monthly chart. Bulls' next near-term upside technical objective is to produce a close above major psychological resistance at $2,000.00. Bears' next near-term downside price objective is closing prices below solid technical support at $1,817.60. First resistance is seen at Monday's all-time high of $1,898.60 and then at $1,925.00. First support is seen at Monday's low of $1,858.00 and then at Friday's low of $1,824.50. Wyckoff's Market Rating: 10.0.

December silver futures prices closed nearer the session high and scored a fresh 3.5-month high Monday. Silver was supported on spillover buying from the gold market. Silver bulls have gained solid upside near-term technical momentum recently. The silver bulls have the solid overall technical advantage, too. Bulls' next upside price objective is producing a close above strong technical resistance at $45.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $40.00. First resistance is seen at Monday's high of $44.10 and then at $44.50. Next support is seen at $43.00 and then at Monday's low of $42.57. Wyckoff's Market Rating: 7.5.

December N.Y. copper closed down 370 points 396.35 cents Monday. Prices closed nearer the session low. A big bearish pennant pattern is still in place on the daily bar chart. Copper bears have the overall near-term technical advantage. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at 410.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the August low of 384.20 cents. First resistance is seen at 400.00 cents and then at Monday's high of 403.35 cents. First support is seen at last week's low of 394.50 cents and then at 392.50 cents. Wyckoff's Market Rating: 3.0.

Follow me on Twitter! If you want daily, or nightly, up-to-the-second market analysis on gold and silver price action, then follow me on Twitter. It's free, too. My account is @jimwyckoff .

By Jim Wyckoff of Kitco News;

<<Back to more Kitco exclusive news

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 precious metal products, 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