P.M. Kitco Metals Roundup: Comex Gold Weakens in Afternoon Trading, Following Fed Chairman Bernanke'

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P.M. Kitco Metals Roundup: Comex Gold Weakens in Afternoon Trading, Following Fed Chairman Bernanke's Remarks
21 July 2010, 2:26 p.m.
By Jim Wyckoff
Of Kitco News www.kitco.com
Comex gold futures prices closed near unchanged Wednesday, as traders were tentative ahead of some key economic information this week. August gold closed up $0.10 an ounce at $1,191.80. Spot gold was last quoted down $0.30 at $1,192.50. However, in the after hours trading in the aftermath of Federal Reserve Chairman Ben Bernanke's prepared remarks to Congress, the gold futures market did weaken modestly.
Initial reaction by the markets to the Fed chairman's prepared text of remarks was mixed, as the U.S. stock markets sold off and U.S. Treasuries rallied. The U.S. dollar index moved higher and to the session high, while crude oil prices sold off--both of which added downside price pressure to gold.
Trading in gold was also subdued ahead of the stress test results for European Union financial institutions, due out Friday. The Committee of European Banking Supervisors is testing 91 banks to see whether the banks can withstand a 3% decline in EU economic growth. The committee will also test for sovereign risk at a level beyond the market conditions experienced during May. Any signs of EU bank weakness coming from the stress test results are likely to quickly put a bid back in the gold market, on renewed safe-haven buying interest among investors.
Reports overnight said better physical demand in Asia recently is also keeping the gold market supported.
The London P.M. fixing was $1,191.50 compared to the previous P.M. fixing of $1,183.00.
Technically, gold market bulls still have the overall near-term technical advantage as trading has turned choppy recently. But prices are in a five-week-old downtrend on the daily bar chart. Bulls' next near-term upside technical objective is to produce a close above solid chart resistance at last week's high of $1,218.80. Bears' next near-term downside price objective is closing prices below solid technical support at $1,168.00. First resistance is seen at Wednesday's high of $1,198.00 and then at $1,200.00. Support is seen at $1,185.00 and then at $1,180.00. Wyckoff's Market Rating: 6.0.
December silver futures closed up 10.9 cents at $17.859 an ounce Wednesday. Prices closed near mid-range and saw more short covering. Prices are still in a five-week-old downtrend on the daily bar chart. The silver bulls do 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 $17.335. Bulls' next upside price objective is closing prices above solid technical resistance at last week's high of $18.59 an ounce. First resistance is seen at $18.00 and then at $18.25. Next support is seen at $17.64 and then at this week's low of $17.50. Wyckoff's Market Rating: 6.0.
December N.Y. copper closed up 835 points at 310.80 cents Wednesday. Prices closed nearer the session high and hit a fresh four-week high. Copper bears still have the slight overall near-term technical advantage, but the bulls are gaining some upside momentum this week. The next downside price objective for the bears is closing prices below solid technical support at this week's low of 295.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 314.00 cents. First resistance is seen at Wednesday's high of 312.45 cents and then at 314.00 cents. First support is seen at 307.50 cents and then at 305.00 cents. Wyckoff's Market Rating: 4.5.


P.M. Kitco Metals Roundup: Comex Gold Weakens in Afternoon Trading, Following Fed Chairman Bernanke's Remarks
21 July 2010, 2:26 p.m.
By Jim Wyckoff
Of Kitco News www.kitco.com
Comex gold futures prices closed near unchanged Wednesday, as traders were tentative ahead of some key economic information this week. August gold closed up $0.10 an ounce at $1,191.80. Spot gold was last quoted down $0.30 at $1,192.50. However, in the after hours trading in the aftermath of Federal Reserve Chairman Ben Bernanke's prepared remarks to Congress, the gold futures market did weaken modestly.
Initial reaction by the markets to the Fed chairman's prepared text of remarks was mixed, as the U.S. stock markets sold off and U.S. Treasuries rallied. The U.S. dollar index moved higher and to the session high, while crude oil prices sold off--both of which added downside price pressure to gold.
Trading in gold was also subdued ahead of the stress test results for European Union financial institutions, due out Friday. The Committee of European Banking Supervisors is testing 91 banks to see whether the banks can withstand a 3% decline in EU economic growth. The committee will also test for sovereign risk at a level beyond the market conditions experienced during May. Any signs of EU bank weakness coming from the stress test results are likely to quickly put a bid back in the gold market, on renewed safe-haven buying interest among investors.
Reports overnight said better physical demand in Asia recently is also keeping the gold market supported.
The London P.M. fixing was $1,191.50 compared to the previous P.M. fixing of $1,183.00.
Technically, gold market bulls still have the overall near-term technical advantage as trading has turned choppy recently. But prices are in a five-week-old downtrend on the daily bar chart. Bulls' next near-term upside technical objective is to produce a close above solid chart resistance at last week's high of $1,218.80. Bears' next near-term downside price objective is closing prices below solid technical support at $1,168.00. First resistance is seen at Wednesday's high of $1,198.00 and then at $1,200.00. Support is seen at $1,185.00 and then at $1,180.00. Wyckoff's Market Rating: 6.0.
December silver futures closed up 10.9 cents at $17.859 an ounce Wednesday. Prices closed near mid-range and saw more short covering. Prices are still in a five-week-old downtrend on the daily bar chart. The silver bulls do 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 $17.335. Bulls' next upside price objective is closing prices above solid technical resistance at last week's high of $18.59 an ounce. First resistance is seen at $18.00 and then at $18.25. Next support is seen at $17.64 and then at this week's low of $17.50. Wyckoff's Market Rating: 6.0.
December N.Y. copper closed up 835 points at 310.80 cents Wednesday. Prices closed nearer the session high and hit a fresh four-week high. Copper bears still have the slight overall near-term technical advantage, but the bulls are gaining some upside momentum this week. The next downside price objective for the bears is closing prices below solid technical support at this week's low of 295.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 314.00 cents. First resistance is seen at Wednesday's high of 312.45 cents and then at 314.00 cents. First support is seen at 307.50 cents and then at 305.00 cents. Wyckoff's Market Rating: 4.5.




P.M. Kitco Metals Roundup: Comex Gold Weakens in Afternoon Trading, Following Fed Chairman Bernanke's Remarks
21 July 2010, 2:26 p.m.
By Jim Wyckoff
Of Kitco News www.kitco.com
Comex gold futures prices closed near unchanged Wednesday, as traders were tentative ahead of some key economic information this week. August gold closed up $0.10 an ounce at $1,191.80. Spot gold was last quoted down $0.30 at $1,192.50. However, in the after hours trading in the aftermath of Federal Reserve Chairman Ben Bernanke's prepared remarks to Congress, the gold futures market did weaken modestly.
Initial reaction by the markets to the Fed chairman's prepared text of remarks was mixed, as the U.S. stock markets sold off and U.S. Treasuries rallied. The U.S. dollar index moved higher and to the session high, while crude oil prices sold off--both of which added downside price pressure to gold.
Trading in gold was also subdued ahead of the stress test results for European Union financial institutions, due out Friday. The Committee of European Banking Supervisors is testing 91 banks to see whether the banks can withstand a 3% decline in EU economic growth. The committee will also test for sovereign risk at a level beyond the market conditions experienced during May. Any signs of EU bank weakness coming from the stress test results are likely to quickly put a bid back in the gold market, on renewed safe-haven buying interest among investors.
Reports overnight said better physical demand in Asia recently is also keeping the gold market supported.
The London P.M. fixing was $1,191.50 compared to the previous P.M. fixing of $1,183.00.
Technically, gold market bulls still have the overall near-term technical advantage as trading has turned choppy recently. But prices are in a five-week-old downtrend on the daily bar chart. Bulls' next near-term upside technical objective is to produce a close above solid chart resistance at last week's high of $1,218.80. Bears' next near-term downside price objective is closing prices below solid technical support at $1,168.00. First resistance is seen at Wednesday's high of $1,198.00 and then at $1,200.00. Support is seen at $1,185.00 and then at $1,180.00. Wyckoff's Market Rating: 6.0.
December silver futures closed up 10.9 cents at $17.859 an ounce Wednesday. Prices closed near mid-range and saw more short covering. Prices are still in a five-week-old downtrend on the daily bar chart. The silver bulls do 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 $17.335. Bulls' next upside price objective is closing prices above solid technical resistance at last week's high of $18.59 an ounce. First resistance is seen at $18.00 and then at $18.25. Next support is seen at $17.64 and then at this week's low of $17.50. Wyckoff's Market Rating: 6.0.
December N.Y. copper closed up 835 points at 310.80 cents Wednesday. Prices closed nearer the session high and hit a fresh four-week high. Copper bears still have the slight overall near-term technical advantage, but the bulls are gaining some upside momentum this week. The next downside price objective for the bears is closing prices below solid technical support at this week's low of 295.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 314.00 cents. First resistance is seen at Wednesday's high of 312.45 cents and then at 314.00 cents. First support is seen at 307.50 cents and then at 305.00 cents. Wyckoff's Market Rating: 4.5.




Comex gold futures prices closed near unchanged Wednesday, as traders were tentative ahead of some key economic information this week. August gold closed up $0.10 an ounce at $1,191.80. Spot gold was last quoted down $0.30 at $1,192.50. However, in the after hours trading in the aftermath of Federal Reserve Chairman Ben Bernanke's prepared remarks to Congress, the gold futures market did weaken modestly.
Initial reaction by the markets to the Fed chairman's prepared text of remarks was mixed, as the U.S. stock markets sold off and U.S. Treasuries rallied. The U.S. dollar index moved higher and to the session high, while crude oil prices sold off--both of which added downside price pressure to gold.
Trading in gold was also subdued ahead of the stress test results for European Union financial institutions, due out Friday. The Committee of European Banking Supervisors is testing 91 banks to see whether the banks can withstand a 3% decline in EU economic growth. The committee will also test for sovereign risk at a level beyond the market conditions experienced during May. Any signs of EU bank weakness coming from the stress test results are likely to quickly put a bid back in the gold market, on renewed safe-haven buying interest among investors.
Reports overnight said better physical demand in Asia recently is also keeping the gold market supported.
The London P.M. fixing was $1,191.50 compared to the previous P.M. fixing of $1,183.00.
Technically, gold market bulls still have the overall near-term technical advantage as trading has turned choppy recently. But prices are in a five-week-old downtrend on the daily bar chart. Bulls' next near-term upside technical objective is to produce a close above solid chart resistance at last week's high of $1,218.80. Bears' next near-term downside price objective is closing prices below solid technical support at $1,168.00. First resistance is seen at Wednesday's high of $1,198.00 and then at $1,200.00. Support is seen at $1,185.00 and then at $1,180.00. Wyckoff's Market Rating: 6.0.
December silver futures closed up 10.9 cents at $17.859 an ounce Wednesday. Prices closed near mid-range and saw more short covering. Prices are still in a five-week-old downtrend on the daily bar chart. The silver bulls do 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 $17.335. Bulls' next upside price objective is closing prices above solid technical resistance at last week's high of $18.59 an ounce. First resistance is seen at $18.00 and then at $18.25. Next support is seen at $17.64 and then at this week's low of $17.50. Wyckoff's Market Rating: 6.0.
December N.Y. copper closed up 835 points at 310.80 cents Wednesday. Prices closed nearer the session high and hit a fresh four-week high. Copper bears still have the slight overall near-term technical advantage, but the bulls are gaining some upside momentum this week. The next downside price objective for the bears is closing prices below solid technical support at this week's low of 295.00 cents. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 314.00 cents. First resistance is seen at Wednesday's high of 312.45 cents and then at 314.00 cents. First support is seen at 307.50 cents and then at 305.00 cents. Wyckoff's Market Rating: 4.5.
 
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