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Global stock markets were mostly firmer overnight. U.S. stock indexes are higher at midday. Risk appetite is keener early this week, due in part to news the new U.K. Chancellor of the Exchequer Jeremy Hunt affirmed Britain will roll back nearly all of its previously announced tax-cut plans that had been roiling financial markets. Stock traders continue to focus on corporate earnings reports, with the companies’ results so far beating expectations despite recession fears.
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The key outside markets today see the U.S. dollar index firmer after suffering sharp losses Monday. Nymex crude oil prices are sharply lower and trading around $82.50 a barrel. The U.S. Treasury 10-year note yield is presently fetching 4.025%.
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Technically,gold futures bears have the solid overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at the October high of $1,738.70. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the September low of $1,622.20. First resistance is seen at this week’s high of $1,674.30 and then at $1,688.90. First support is seen at the October low of $1,645.60 and then at $1,622.20. Wyckoff's Market Rating: 2.0
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The silver bears have the solid overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $20.00. The next downside price objective for the bears is closing prices below solid support at the September low of $17.40. First resistance is seen at $19.00 and then at $19.29. Next support is seen at this week’s low of $18.155 and then at $18.00. Wyckoff's Market Rating: 2.0.
December N.Y. copper closed down 600 points at 335.70 cents today. Prices closed nearer the session low and hit a two-week low today. 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 September high of 369.25 cents. The next downside price objective for the bears is closing prices below solid technical support at the July low of 315.55 cents. First resistance is seen at this week’s high of 346.75 and then at last week’s high of 350.10 cents. First support is seen at today’s low of 333.90 cents and then at 330.00 cents. Wyckoff's Market Rating: 3.0.
By Gary WagnerContributing to kitco.com.
