Gold, Silver Prices Stable As Fresh Inputs Awaited
(Kitco News) - Gold andsilver prices are near steady in quieter early-afternoon U.S. trading Monday. Somebacking and filling on the daily charts was seen in gold following recent goodgains. December gold futures were last up $0.70 an ounce at $1,223.80. December Comex silver was last up $0.003 at $14.385 an ounce.
Globalstock markets were mixed in subdued, pre-holiday trading overnight. U.S. stockindexes are solidly lower in afternoon U.S. trading. The wobbly U.S. stockmarket recently has limited selling interest in the safe-haven gold market.
Itcould be a quieter trading week as the U.S. Thanksgiving holiday falls on Thursday.U.S. markets close early Wednesday, with Friday the “Black Friday” sale affairthat finds many traders and investors out for the day, shopping for Christmasgift deals.
Therewere no major news developments today to stoke the markets. Reports the CIA hasnamed the Saudi Crown Prince as the one who ordered the killing of the Saudijournalist last month are not moving the markets. Most believe the U.S. has toomuch at stake with the Saudis as their Middle East ally and U.S. arms purchaserto make a big deal over the matter.
Thekey outside markets today find the U.S. dollar index trading weaker but stillnot far below this month’s 1.5-year high. Meantime, Nymex crude oil futuresprices are near steady after hitting an 11-month low of $54.75 last week.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically,the gold bears have the overall near-term technical advantage. Gold bulls' nextupside near-term price breakout objective is to produce a close in Decemberfutures above solid technical resistance at the October high of $1,246.00.Bears' next near-term downside price breakout objective is pushing prices belowsolid technical support at the November low of $1,196.60. First resistance isseen at last week’s high of $1,226.00 and then at $1,230.00. First support isseen at today’s low of $1,218.50 and then at last Friday’s low of $1,213.70.Wyckoff's Market Rating: 3.5
![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 the October high of $14.95 an ounce. Thenext downside price breakout objective for the bears is closing prices belowsolid support at $13.50. First resistance is seen at $14.50 and then at$14.775. Next support is seen at Friday’s low of $14.215 and then at $14.00.Wyckoff's Market Rating: 2.0.
DecemberN.Y. copper closed down 25 points at 279.60 cents today. Prices closed nearerthe session high. 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 280.95 cents and then the November high of at 282.35 cents.First support is seen at today’s low of 276.00 cents and then at 273.30 cents.Wyckoff's Market Rating: 3.5.
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.