Gold, Silver Prices See Tepid Rebounds
(Kitco News) - Gold andsilver prices are modestly higher in early-afternoon U.S. trading Wednesday.Some mild more short covering by the shorter-term futures traders is featuredagain today in both metals, following recent strong selling pressure that droveboth to 12-month lows last week. A lack of major market news so far this weekis keeping trading lackluster in many markets. Augustgold futures were last up$4.20 an ounce at $1,229.70. September Comex silver was up $0.05 at $15.575 anounce.
Worldstock markets were mixed to weaker overnight. U.S. stock indexes also mixed inmidday trading today. There remains little risk aversion in the marketplace atpresent, which is bearish for safe-haven gold and silver.
U.S.President Trump is meeting with the European Union Commission leader Junckertoday to try to de-escalate trade tensions between the U.S. and the EU. TheU.S. has threatened EU automobiles with import tariffs.
Thekey “outside markets” today find Nymex crude oil prices higher and trading justaround $68.50 a barrel. Meantime, the U.S. dollar index is slightly lowertoday.
The big U.S. economic data point of the week is Friday’s first estimate ofgross domestic product (GDP). The number is expected to come in at up a strong4.4%. However, some analysts are even calling for a number of 5.0% or justabove.
(NOTE:Follow me on Twitter: @jimwyckoff)
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically,the gold bears still have the solid overall near-term technical advantage.There are no strong, early clues to suggest a market bottom is close athand. A three-month-old downtrend is inplace on the daily bar chart. Gold bulls' next upside near-term price breakoutobjective is to produce a close above solid technical resistance at $1,250.00.Bears' next near-term downside price breakout objective is pushing prices belowsolid technical support at $1,200.00. First resistance is seen at this week’shigh of $1,235.20 and then at $1,240.00. First support is seen at this week’slow of $1,218.10 and then at last week’s low of $1,210.70. Wyckoff's MarketRating: 1.5
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
Thesilver bears still have the solid overall near-term technical advantage. Thereare no early clues to suggest a market bottom is close at hand. Silver bulls'next upside price breakout objective is closing prices above solid technicalresistance at $16.00 an ounce. The next downside price breakout objective forthe bears is closing prices below solid support at $15.00. First resistance isseen at today’s high of $15.655 and then at last week’s high of $15.90. Nextsupport is seen at this week’s low of $15.34 and then at last week’s low of$15.185. Wyckoff's Market Rating: 2.0.
SeptemberN.Y. copper closed up 80 points at 281.85 cents today. Prices closed nearmid-range. The copper bears still have the firm overall near-term technicaladvantage. Copper bulls' next upside price objective is pushing and closingprices above solid technical resistance at 300.00 cents. The next downsideprice objective for the bears is closing prices below solid technical supportat the July low of 267.35 cents. First resistance is seen at today’s high of283.70 cents and then at 285.00 cents. First support is seen at 277.50 centsand then at 275.00 cents. Wyckoff's Market Rating: 2.5.
By Jim WyckoffFor Kitco News
Follow @jimwyckoff
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.