P.M. Kitco Metals Roundup: Comex Gold Ends Weaker on Corrective Pullback in Quiet Trading

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16 June 2010, 2:48 p.m.
By Jim Wyckoff
Of Kitco News www.kitco.com
Comex gold futures closed slightly lower in quieter trading activity Wednesday. Mild profit-taking pressure was featured on the corrective pullback in prices. August Comex gold closed down $3.90 an ounce at $1,230.50. Spot gold last traded down $2.20 at $1,232.50.
The Euro currency was weaker and the U.S. dollar index was firmer Wednesday, while the U.S. stock indexes moved modestly higher and crude oil prices were firmer. Price action Wednesday and this week suggests investors are gaining some more risk appetite.

Still, there are underlying concerns about the European Union's ongoing and severe debt problems. This is limiting selling interest in the precious yellow metal. Moody's decision this week to downgrade Greece's sovereign debt to "junk" status is a reminder to traders that problems in the EU are still present, even if they appear to be on the back burner this week.
A report on Wednesday said physical buying of gold has decreased in recent weeks as prices hit a record high last week. However, the report said this time of year is a period of seasonal weakness in physical demand for gold. The report quoted analysts as saying they expect physical demand for gold to pick up again and remain robust.
The London P.M. gold fixing was $1,234.50 versus the previous P.M. fixing of $1,224.00.
Technically, August gold futures bulls still have the solid overall near-term and longer-term technical advantage. There are still no solid early technical clues to suggest a market top is close at hand. Prices are still in a four-month-old uptrend on the daily bar chart. Bulls' next upside technical objective is to produce a close above solid chart resistance at the all-time high of $1,254.50. Bears' next downside price objective is closing prices below technical support at the last "reaction low" on the daily bar chart, at the June low of $1,198.10. First resistance is seen at Wednesday's high of $1,239.50 and then at $1,254.50. Support is seen at Wednesday's low of $1,228.30 and then at Tuesday's low of $1,221.10. Wyckoff's Market Rating: 7.5.
July silver futures closed down 13.7 cents at $18.441 an ounce Wednesday. Prices closed nearer the session low. 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 the June low of $17.195. Bulls' next upside price objective is closing prices above solid technical resistance at the June high of $18.735 an ounce. First resistance is seen at this week's high of $18.685 and then at $18.735. Next support is seen at Wednesday's low of $18.38 and then at this week's low of $18.20. Wyckoff's Market Rating: 6.5.
July N.Y. copper closed down 90 points at 299.55 cents Wednesday. Prices closed near mid-range and did poke to a fresh two-week high. Copper prices are still in a two-month-old downtrend on the daily bar chart. However, the bulls have gained some fresh upside technical momentum recently to begin to suggest a market low is in place. The next downside price objective for the bears is closing prices below solid technical support at the June low of 272.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 318.70 cents. First resistance is seen at Wednesday's high of 304.90 cents and then at 307.50 cents. First support is seen at Wednesday's low of 295.40 cents and then at this week's low of 292.25 cents. Wyckoff's Market Rating: 4.0
 
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