Gold, Silver Down As Greenback Rebounds

(Kitco News) - Gold andsilver prices arelower in early-afternoon U.S. trading Thursday, with gold back below $1,200.00.The U.S. dollar index has regained some footing and is trading solidly highertoday after sliding lower most of this week, and that's a daily negative forthe precious metals markets. December gold futures were last down $9.40 anounce at $1,193.90. September Comex silver was last down $0.21 at $14.54 anounce.

Tradershave pretty much digested Wednesday afternoon's FOMC minutes, which said theFed will very likely in September raise U.S. interest rates for the third timethis year. The U.S. dollar was boosted by the FOMC minutes.

Anotherhighlight of the trading week will be the annual meeting of world centralbankers in Jackson Hole, Wyoming, that begins late Thursday. Past years'meetings have produced important proclamations from world central bankers. FedChairman Powell is slated to speak at the symposium.

Theother key outside market today finds Nymex crude oil prices slightly lower andtrading just below $68.00 a barrel.

Technically,gold bears still have the overall near-term technical advantage amid a price downtrendon the daily bar chart. Gold bulls' next upside near-term price breakoutobjective is to produce a close in December futures above solid resistance at$1,226.00. Bears' next near-term downside price breakout objective is pushingprices below solid technical support at the August low of $1,167.10. Firstresistance is seen at the overnight high of $1,203.40 and then at this week'shigh of $1,208.40. First support is seen at this week's low of $1,189.60 andthen at $1,180.00. Wyckoff's Market Rating: 2.0

Septembersilver futures bears have the overall near-term technical advantage. Silverbulls' next upside price breakout objective is closing prices above solidtechnical resistance at $15.50 an ounce. The next downside price breakoutobjective for the bears is closing prices below solid support at $14.00. Firstresistance is seen at the overnight high of $14.75 and then at this week's highof $14.875. Next support is seen at the overnight low of $14.50 and then at theAugust low of $14.315. Wyckoff's Market Rating: 2.0.

By Jim Wyckoff

For Kitco News

Follow @jimwyckoffjwyckoff@kitco.comwww.kitco.com Disclaimer: The views 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 accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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