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Gold prices are near steady up and silver solidly higher in midday U.S. trading Wednesday. Short covering from the futures traders was featured, especially in silver, ahead of the afternoon FOMC minutes from the Federal Reserve. August gold was last up $0.10 at $1,929.60 and September silver was up $0.308 at $23.42.
Despite a holiday-shortened U.S. trading week, it’s still a busy one for the marketplace. The latest FOMC minutes from the Federal Reserve will be scrutinized for any fresh clues on the timing of the next monetary policy move by the central bank. The U.S. employment situation report for June is out Friday. The key non-farm payrolls number is forecast up 240,000 versus a gain of 339,000 in the May report.
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Asian and European stock markets were mostly lower in overnight trading. U.S. stock indexes are mixed at midday.
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Spot gold and silver prices hold gains, testing resistance in quiet holiday trading
The key outside markets today see the U.S. dollar index higher. Nymex crude oil prices are solidly higher and trading around $72.00 a barrel. Reports said Saudia Arabia and Russia will extend their oil-production cuts by another month. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching around 3.898%.
Technically, August gold futures bears have the overall near-term technical advantage. Prices are in a two-month-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the February low of $1,846.80. First resistance is seen at today’s high of $1,942.90 and then at $1,950.00. First support is seen at this week’s low of $1,917.70 and then at $1,900.00. Wyckoff's Market Rating: 4.0.
September silver futures bears have the overall near-term technical advantage. A choppy, two-month-old price downtrend is still in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the June high of $24.835. The next downside price objective for the bears is closing prices below solid support at the March low of $20.425. First resistance is seen at today’s high of $23.45 and then at $24.00. Next support is seen at $23.00 and then at last week’s low of $22.485. Wyckoff's Market Rating: 4.0.
September N.Y. copper closed down 180 points at 377.60 cents today. Prices closed near mid-range. The copper bears have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the June high of 396.40 cents. The next downside price objective for the bears is closing prices below solid technical support at the May low of 356.50 cents. First resistance is seen at 382.50 cents and then at 385.00 cents. First support is seen at today’s low of 373.25 cents and then at last week’s low of 368.30 cents. Wyckoff's Market Rating: 3.5.
By
Jim Wyckoff
For Kitco News
