Gold and silver drop slightly on calmer trading day
Editor’s Note: With such market volatility, stay up to date with the daily news! In minutes, discover our quick summary of today’s must-see news and expert opinions. Register here !
(Kitco News) – Gold and silver prices are down slightly in the sluggish US midday trading on Monday. It’s a quieter start to the trading week and traders in the metals market are waiting for new fundamental information to help lead the markets. December gold futures were last down $ 2.50 to $ 1,765.70. December’s Comex Silver lost $ 0.069 to $ 23.28 an ounce.
Global stock markets were mostly down in overnight trading. US stock indices are mixed at noon. Risk aversion is just a bit sharper to start the trading week, amid rising energy costs and growing concerns about stagflation. Nymex crude oil prices hit a seven-year high at $ 83.87 a barrel overnight. China’s third-quarter gross domestic product growth slowed to 4.9%, year-on-year, below expectations and the slowest growth rate in a year, affected by power shortages and bottlenecks in supply chain bottleneck. China’s GDP grew 7.9% in the second quarter. Meanwhile, the Governor of the Bank of England said on Sunday that the BOE will have to act to curb inflationary pressures. He said UK inflation had already risen and would rise further, to warrant action.
The other key external market today sees the US dollar index declining slightly. Meanwhile, the yield on 10-year US Treasuries is currently 1.609%.
Technically, the bulls in December gold futures have a slight overall short-term technical advantage amid an uptrend in prices barely in place on the daily bar chart. Bulls must soon show new power to keep her alive. The Bulls’ next bullish price target is to produce a close above solid resistance at the October high of $ 1,801.90. The bears’ next short-term bearish price target is pushing futures prices under strong technical support to the September low of $ 1,721.10. The first resistance is seen at $ 1,775.00 and then at $ 1,7,820.40. First support is seen at today’s low at $ 1,760.30 and then $ 1,750.00. Wyckoff Market Score: 5.5
December silver futures have the overall short-term technical advantage. However, recent gains have triggered an upward trend in prices on the daily chart and also suggest that a market bottom is in place. The next bullish price target for Silver Bulls is to close the price above strong technical resistance at $ 24.00 an ounce. The next bearish price target for bears is to close prices below the solid support at $ 22.00. First resistance is seen at today’s high at $ 23.495 and then at last week’s high at $ 23.645. The next support is seen at $ 23.00 and then at $ 22.75. Wyckoff Market Rating: 4.5.
December NY copper closed 85 points lower at 472.10 cents today. Prices closed closer to the session low today and hit a five-month high early on. The copper bulls have the strong overall technical advantage in the short term. Prices are in a steep four week uptrend on the daily bar chart. The next bullish price target for copper buyers is to push and close prices above strong technical resistance at the May high of 487.05 cents. The next bearish price target for the bears is to close price below strong technical support at 440.00 cents. First resistance is seen at today’s high of 482.30 cents and then 487.05 cents. First support is seen at today’s low at 468.55 cents and then 460.00 cents. Wyckoff Market Rating: 8.0.
Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to trade in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for any loss and / or damage resulting from the use of this publication.