P.M. Kitco Metals Roundup: Comex Gold Ends Weaker in Choppy Trading Amid More Consolidation

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14 July 2010, 2:10 p.m.
By Jim Wyckoff
Of Kitco News www.kitco.com
Comex gold futures prices closed weaker Wednesday in choppy price action that saw the market trade both sides of unchanged, before settling nearer the session low. The market continues to consolidate around the $1,200.00-an-ounce level. There was no major, fresh fundamental news in the market Wednesday to provide a strong impetus for gold traders. August Comex gold closed down $6.00 an ounce at $1,207.50. Spot gold was last quoted down $4.10 at $1,207.50.
The U.S. dollar index was lower, while the Euro currency and crude oil prices were firmer Wednesday, which did limit selling interest in gold. However, the recent rally in the U.S. stock indexes, including stable price action Wednesday, does suggest investor risk appetite has increased just a bit, and that has limited safe-haven buying interest in gold.
The European Union's sovereign debt crisis is on the back burner for traders and investors at present, as no fresh, unexpected news has occurred for a while. EU bond auctions this week have been generally well subscribed, which has also helped to stoke investor risk appetite. Traders are awaiting the EU stress test results on its financial institutions. Those test results are due out on July 23. However, it's not known how much of the test results will be revealed on that date.
Gold traders say recent good physical demand and bargain-hunting buying when gold prices dip below $1,200.00 an ounce are putting a floor under the gold market.
The London P.M. fixing was $1,207.00 compared to the previous P.M. fixing of $1,216.00.
Technically, gold futures market bulls still have the overall near-term technical advantage. However, prices have been trading in a choppy and sideways fashion for two weeks. Bulls' next near-term upside technical objective is to produce a close above solid chart resistance at $1,230.00 in August Comex gold futures. 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 this week's high of $1,218.80 and then at $1,225.00. Support is seen at $1,200.00 and then at this week's low of $1,196.10. Wyckoff's Market Rating: 6.5.
December Comex silver futures closed up 3.4 cents at $18.351 an ounce Wednesday. Prices closed near mid-range and hit another fresh two-week high. The key "outside markets" were in a mostly bullish posture for silver Wednesday, as the U.S. dollar index was weaker while the U.S. stock indexes and crude oil prices were firmer. The silver bulls 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 $19.00 an ounce. First resistance is seen at Wednesday's high of $18.53 and then at $18.75. Next support is seen at Wednesday's low of $18.185 and then at $18.00. Wyckoff's Market Rating: 6.5.
December N.Y. copper closed down 50 points at 303.45 cents Wednesday. Prices closed nearer the session low. The key "outside markets" were in a bullish posture for copper Wednesday, as the U.S. dollar index was lower while the U.S. stock indexes and crude oil prices were firmer. Yet, copper's losses Wednesday in the face of bullish outside forces was disappointing to the bulls and is a bearish clue. Copper bears 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 305.25 cents and then at this week's high of 307.15 cents. First support is seen at Wednesday's low of 302.00 cents and then at 301.00 cents. Wyckoff's Market Rating: 3.0
 
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