Gold, silver weaker amid better risk appetite in marketplace
Gold and silver prices are moderately lower in midday U.S. trading Monday. The safe-haven metals bulls have lost momentum amid investor risk appetite that continues to improve heading into the holidays. There are solid clues the U.S. Federal Reserve is done raising interest rates amid falling inflation. And six weeks into the Israel-Hamas war there has been no major military escalation to involve other countries. December gold was last down $8.20 at $1,976.50. December silver was last down $0.262 at $23.59.
Asian and European markets were mixed in overnight trading. U.S. stock indexes are higher and at or near multi-week highs today. It will likely be a quieter trading week as the U.S. Thanksgiving holiday is on Thursday and Friday is typically one of the quietest U.S. trading days of the year.
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The key outside markets today see the U.S. dollar index solidly lower and hitting an 11-week low. Nymex crude oil prices are solidly higher and trading around $78.00 a barrel. Reports said OPEC is considering more oil-production cuts. The cartel will meet this coming weekend in Vienna. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 4.47%.
Technically, December gold futures bulls have the slight overall near-term technical advantage. 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 $1,900.00. First resistance is seen at today's high of $1,987.80 and then at last week's high of $1,996.40. First support is seen at today's low of $1,967.20 and then at $1,959.00. Wyckoff's Market Rating: 5.5
December silver futures bulls have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $25.00. The next downside price objective for the bears is closing prices below solid support at the November low of $21.925. First resistance is seen at today's high of $23.87 and then at $24.00. Next support is seen at today's low of $23.30 and then at $23.00. Wyckoff's Market Rating: 6.0.
December N.Y. copper closed up 630 points at 380.15 cents today. Prices closed near the session high today and hit a two-month high. The copper bulls have the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the September high of 390.85 cents. The next downside price objective for the bears is closing prices below solid technical support at the November low of 358.00 cents. First resistance is seen at 385.15 cents and then at 390.85 cents. First support is seen at today's low of 372.55 cents and then at 370.00 cents. Wyckoff's Market Rating: 6.0.
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By
Jim Wyckoff
For Kitco News
Tim Moseley