Gold, Silver Prices Hit Multi-Week Lows Amid Strong Greenback
(Kitco News) - Gold andsilver prices are moderately down and have hit four-week and eight-week lows,respectively, in early-afternoon U.S. trading Monday. The precious metals arepressured by a very strong U.S. dollar on the foreign exchange market. The U.S. dollar index hit a 16-month high today. December gold futures were last down $5.30an ounce at $1,203.30. December Comex silver was last down $0.13 at $14.01 anounce.
Asolid sell off in the U.S. stock market today did not help out the preciousmetals bulls. However, if that selling pressure extends into Tuesday, look forsome safe-haven demand to support gold and silver prices.
TheU.S. government was closed today for the Veterans Day holiday, which made forsome quieter trading conditions.
Theother key “outside market” today saw Nymex crude oil futures prices firmer andtrading just below $61.00 a barrel after hitting a seven-month low last Friday.Reports today say Saudi Arabia and Russia will cut their oil exports and prodthe OPEC oil cartel to lower its collective crude oil production, in the wakeof the recent steep downdraft in oil prices.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically,the gold bears have the firm overall near-term technical advantage. Gold bulls'next upside near-term price breakout objective is to produce a close inDecember futures above solid technical resistance at last week’s high of$1,238.40. Bears' next near-term downside price breakout objective is pushingprices below solid technical support at $1,200.00. First resistance is seen attoday’s high of $1,212.00 and then at $1,220.00. First support is seen at$1,200.00 and then at $1,190.00. Wyckoff's Market Rating: 3.0
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
Thesilver bears have the solid overall near-term technical advantage. Silverbulls' next upside price breakout objective is closing December futures pricesabove solid technical resistance at last week’s high of $14.775 an ounce. Thenext downside price breakout objective for the bears is closing prices belowsolid support at the September low of $13.965. First resistance is seen attoday’s high of $14.18 and then at Friday’s high of $14.425. Next support isseen at $13.965 and then at $13.75. Wyckoff's Market Rating: 1.5.
DecemberN.Y. copper closed down 55 points at 267.90 cents today. Prices closed nearerthe session low. The copper bears have the overall near-term technicaladvantage. Copper bulls' next upside price objective is pushing and closingprices above solid technical resistance at the September high of 287.10 cents.The next downside price objective for the bears is closing prices below solidtechnical support at the August low of 257.45 cents. First resistance is seenat today’s high of 270.00 cents and then at 273.15 cents. First support is seenat the November low of 264.25 cents and then at 260.00 cents. Wyckoff's MarketRating: 2.5.
By Jim WyckoffFor Kitco News
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jwyckoff@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.