P.M. Kitco Metals Roundup: Comex Gold Sells Off Sharply Late as U.S. Dollar Rebounds; Some Near-Term

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12 مارس 2007
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Comex gold prices hit a fresh two-week low and ended solidly lower in a late-session sell-off Thursday. Fresh profit-taking pressure was featured amid a rebound in the U.S. dollar index. Some near-term technical damage was inflicted in gold and silver Thursday. December Comex gold last traded down $24.00 an ounce at $1,320.10. Spot gold was last quoted down $26.10 at $1,320.50.
Gold prices started out the day trading slightly higher, then turned steady at mid-morning and continued to drift lower before losses accelerated in late New York trading. The sell off in gold came at the same time the U.S. dollar index made a solid price rebound from its steady to lower trading action that occurred earlier in the day. The dollar index bears still have the solid overall near term technical advantage and have much more heavy lifting to do to suggest a near-term price uptrend could be sustained. The still-weak technical and fundamental posture of the U.S. dollar index remains an underlying bullish factor for the precious metals.
A strong sell-off in Nymex crude oil futures prices Thursday also contributed to downside price pressure on gold and silver markets.
Precious metals traders will be paying close attention to a G-20 meeting that takes place in South Korea Friday and Saturday. Traders will look for any proclamations regarding currencies. With most major countries wanting to keep their currencies deflated, that's also a bullish underlying factor for the gold market.
The London P.M. gold fixing was $1,343.50 versus the previous P.M. fixing of $1,339.00 an ounce.
From an important technical perspective, gold prices closed near the session low Thursday and hit a fresh two-week low. Prices also scored a bearish "outside day" down on the daily bar chart Thursday, whereby the high was higher and low was lower than the previous session's trading range, with a lower close. Some near-term technical damage was inflicted in gold Thursday as a 2.5-month-old uptrend on the daily bar chart was at least temporarily negated, to begin to suggest that a near-term market top is in place.
However, gold bulls do still have the overall near-term and longer-term technical advantage, but have faded this week and need to show fresh power soon. Bulls' next near-term upside technical objective is to produce a close above solid technical resistance at $1,366.00. Bears' next near-term downside price objective is closing prices below major psychological support at $1,300.00. First resistance is seen at $1,330.00 and then at $1,340.00. Support is seen at Thursday's low of $1,318.20 and then at $1,310.00. Wyckoff's Market Rating: 6.5.
December silver futures closed down 64.9 cents at $23.215 an ounce Thursday. Prices closed nearer the session low and hit a fresh two-week low. A firming U.S. dollar index and sharply lower crude oil prices pressured silver Thursday. Silver prices also scored a bearish "outside day" down on the daily bar chart. Some near-term chart damage occurred in silver Thursday as a two-month-old uptrend on the daily bar chart was at least temporarily negated. Silver bulls do still have the overall near-term technical advantage, but have faded and need to show fresh power soon. The next downside price objective for the bears is closing prices below solid technical support at last week's low of $22.945. Bulls' next upside price objective is producing a close above solid technical resistance at this week's high of $24.515 an ounce. First resistance is seen at $23.50 and then at $23.675. Next support is seen at $23.00 and then at $22.945. Wyckoff's Market Rating: 6.5.
December N.Y. copper closed down 75 points at 378.60 cents Thursday. Prices closed nearer the session low. The key "outside markets" were in a mostly bearish posture for copper Thursday, as the U.S. dollar index was firmer, while crude oil prices were solidly lower. The copper still bulls have the overall near-term technical advantage. Prices are still in a four-month-old uptrend on the daily bar chart. Bulls' next upside objective is pushing and closing prices above solid technical resistance at this week's high of 388.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 365.00 cents. First resistance is seen at 380.00 cents and then at 382.50 cents. First support is seen at Thursday's low of 376.55 cents and then at 375.00 cents. Wyckoff's Market Rating: 7.0.
By Jim Wyckoff, contributing to Kitco News; [email protected]
 
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