(Kitco News) - Gold pricesare trading near steady in early-afternoon U.S. trading Wednesday. Silverprices were sporting moderate gains and hit a three-week high today. Thisweek’s stabilization in the yellow metal does favor the bulls. More upsideprice action in gold this week would produce positive chart signals to suggesta near-term market bottom is in place. August Comex gold futures were last down$0.40 an ounce at $1,301.80. July Comex silver was last up $0.162 at $16.705 anounce.
Worldstock markets were mostly firmer overnight and U.S. stock indexes hit 2.5-monthhighs again today, as traders and investors are in upbeat, risk-taking moods atpresent. This remains a bearish element for safe-haven gold and silver markets.
Thekey “outside markets” today find Nymex crude oil prices lower and trading just below$65.00 a barrel. The U.S. dollar index was lower today on more of a correctivepullback from recent gains that last week pushed prices to a 10.5-month high.
Technically,gold prices are still in a two-month-old downtrend on the daily bar chart, butnow just barely. The gold bears still have the slight overall near-term technicaladvantage. Gold bulls' next upside near-term price breakout objective is toproduce a close above solid technical resistance at the May high of $1,332.40.Bears' next near-term downside price breakout objective is pushing prices belowsolid technical support at the May low of $1,286.80. First resistance is seenat today’s high of $1,306.10 and then at last week’s high of $1,312.60. Firstsupport is seen at last week’s low of $1,293.10 and then at $1,286.80.Wyckoff's Market Rating: 4.5
Julysilver prices hit a three-week high today. The silver bulls and bears are nowback on a level overall near-term technical playing field. Silver bulls' nextupside price breakout objective is closing prices above solid technicalresistance at $17.00 an ounce. The next downside price breakout objective forthe bears is closing prices below solid support at the May low of $16.07. Firstresistance is seen at today’s high of $16.765 and then at the May high of$16.865. Next support is seen at today’s low of $16.505 and then at last week’slow of $16.31. Wyckoff's Market Rating: 5.0.
JulyN.Y. copper closed up 625 points at 326.10 cents today. Prices closed nearerthe session high and hit a three-month high today. The copper bulls have thefirm overall near-term technical advantage and gained more power today. Copperbulls' next upside price objective is pushing and closing prices above solidtechnical resistance at the December high of 334.20 cents. The next downsideprice objective for the bears is closing prices below solid technical supportat this week’s low of 309.00 cents. First resistance is seen at today’s high of326.85 cents and then at 330.00 cents. First support is seen at 321.80 centsand then at today’s low of 319.30 cents. Wyckoff's Market Rating: 7.0.
By Jim WyckoffFor Kitco News
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