Gold, News & Features, Resource News

P.M. Kitco Metals Roundup: Gold Ends Firmer amid Summertime Doldrums; Prices Trapped in Trading Range

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By Jim Wyckoff

Comex gold futures prices ended the U.S. day session modestly higher as choppy and range-bound trading continues on the daily chart. The market place is quieter this week amid a lack of fresh, major news. The “dog days” of summer are also upon the Americans and much of Europe is on vacation. December gold last traded up $2.20 at $1,615.00 an ounce. Spot gold was last quoted up $0.30 an ounce at $1,613.25.  September Comex silver last traded down $0.076 at $28.01 an ounce.

With the lack of fresh, market-moving fundamental news this week, precious metals market watchers are focusing more on the outside markets. The U.S. dollar index turned firmer as the day progressed Wednesday. However, the greenback bulls have faded recently. Meantime, crude oil prices were slightly higher Wednesday as the bulls have upside near-term technical momentum after prices Tuesday hit a fresh 2.5-month high. The precious metals markets will continue to look closely at how these two key “outside markets” trade on a daily basis.

The London P.M. gold fix is $1,613.25 versus the previous London P.M. fixing of $1,611.00.

Technically, December gold futures prices closed nearer the session high Wednesday. There is not much new, technically, in this market as the choppy and range-bound trading action continues. The gold market bulls and bears are on a level near-term technical playing field. The gold bulls’ next upside price breakout objective is to produce a close above solid technical resistance at the June high of $1,646.40. Bears’ next near-term downside price objective is closing prices below solid technical support at the July low of $1,559.50. First resistance is seen at this week’s high of $1,621.30 and then at last week’s high of $1,633.30. First support is seen at this week’s low of $1,605.30 and then at $1,600.00. Wyckoff’s Market Rating: 5.0

September silver futures  prices closed nearer the session high Wednesday. Not much new in silver, either, as price action remains choppy and range-bound. Silver bears still have the slight overall near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at the July high of $28.445 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the June low of $26.105. First resistance is seen at Wednesday’s high of $28.21 and then at last week’s high of $28.335. Next support is seen at Wednesday’s low of $27.66 and then at this week’s low of $27.565. Wyckoff’s Market Rating: 4.5.

September N.Y. copper closed down 240 points 341.65 cents Wednesday. Prices closed near mid-range. Copper bears have the overall near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at 350.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the June low of 325.00 cents. First resistance is seen at Wednesday’s high of 343.30 cents and then at last week’s high of 345.70 cents. First support is seen at 340.00 cents and then at 337.00 cents. Wyckoff’s Market Rating: 4.0.