P.M. Kitco Metals Roundup: Comex Gold Closes Lower in Lackluster Trading as the Market Consolidates

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12 مارس 2007
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p.m.
By Jim Wyckoff
Of Kitco News www.kitco.com
Comex gold futures prices ended the trading session lower and nearer the daily low Monday in quieter dealings. The market has consolidated around the $1,200.00 level amid a lack of fresh, market-moving fundamental news and generally stable outside markets. August Comex gold closed down $11.10 an ounce at $1,198.70. Spot gold was last quoted down $11.80 at $1,200.00.
The U.S. stock indexes were steady to firmer, while the Euro currency and crude oil futures were trading weaker and the U.S. dollar index was firmer Monday. None of these key outside market forces provided a strong impetus for gold traders, amid the quieter summertime market action. However, some fresh economic data from the U.S. and some European Union debt auctions as this week progresses could add some fresh fundamental data from which the gold market could see trading activity become more active.
The London P.M. fixing was $1,205.50 compared to the previous P.M. fixing of $1,208.75.
Technically, August Comex gold futures market bulls do still have the overall near-term technical advantage, but have not shown good power in weeks and need to show some fresh power soon. Bulls' next near-term upside technical objective is to produce a close above solid chart resistance at $1,230.00. Bears' next near-term downside price objective is closing prices below solid technical support at last week's low of $1,185.00. First resistance is seen at last week's high of $1,215.10 and then at $1,225.00. Support is seen at Monday's low of $1,196.10 and then at $1,190.00. Wyckoff's Market Rating: 6.5.
December silver futures closed down 15.6 cents at $17.977 an ounce Monday. Prices closed nearer the session low. Some near-term chart damage has been inflicted recently. Prices are in a four-week-old downtrend on the daily bar chart. However, the bulls do still have the overall near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at last week's low of $17.64. Bulls' next upside price objective is closing prices above solid technical resistance at $18.50 an ounce. First resistance is seen at last week's high of $18.285 and then at $18.50. Next support is seen at $17.79 and then at last week's low of $17.64. Wyckoff's Market Rating: 6.0.
December N.Y. copper closed down 465 points at 303.00 cents Monday. Prices closed nearer the session low and were pressured by a firmer U.S. dollar. Copper bears still have the overall near-term technical advantage. The next downside price objective for the bears is closing prices below solid technical support at the July low of 288.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 314.00 cents. First resistance is seen at 305.00 cents and then at Monday's high of 307.15 cents. First support is seen at Monday's low of 301.00 cents and then at 300.00 cents. Wyckoff's Market Rating: 3.0.
By Jim Wyckoff, contributing to Kitco News; [email protected]
 
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