Gold, Silver See Choppy, 2-Sided Trading Session

(Kitco News) - Gold pricesare modestly higher and near the daily highs in late-afternoon U.S. tradingTuesday. Meantime, silver prices are slightly down after hitting a 2.5-year lowin morning action. There have been no major business news developments earlythis week, which is allowing prices to continue to drift sideways to lower.December gold futures were last up $2.00 an ounce at $1,201.80. December Comex silver was last down $0.011 at $14.17 an ounce.

Worldstock markets were mixed but mostly lower overnight but U.S. stock indexes arehigher at midday. Despite some potential storm clouds on the horizon, tradersand investors are showing generally upbeat attitudes so far this month.September and October have historically seen some turbulent trading times forstock and financial markets.

Worldtrade matters remain on the front burner of the marketplace this week. Reportssaid the U.S. and European Union may be getting closer to a trade agreementafter recent meetings.

Thekey outside markets today find the U.S. dollar index slightly up. Meantime,Nymex crude oil prices are sharply higher and trading just above $69.00 a barrel.

Technically,December gold bears have the firm overall near-term technical advantage. Goldbulls' next upside near-term price breakout objective is to produce a closeabove solid technical resistance at last week's high of $1,220.70. Bears' nextnear-term downside price breakout objective is pushing prices below solidtechnical support at the August low of $1,167.10. First resistance is seen atlast week's high of $1,212.70 and then at $1,220.70. First support is seen attoday's low of $1,192.70 and then at $1,189.50. Wyckoff's Market Rating: 2.5

Decembersilver futures bears have the solid overall near-term technical advantage.There are no early clues to suggest a market bottom is close at hand. Silverbulls' next upside price breakout objective is closing prices above solidtechnical resistance at $15.07 an ounce. The next downside price breakoutobjective for the bears is closing prices below solid support at $13.50. Firstresistance is seen at $14.34 and then at $14.405. Next support is seen at today'slow of $13.965 and then at $13.75. Wyckoff's Market Rating: 1.0.

DecemberN.Y. copper closed down 40 points at 262.35 cents today. Prices closed nearmid-range today. The copper bears still have the firm overall near-termtechnical advantage. Copper bulls' next upside price objective is pushing andclosing prices above solid technical resistance at the August high of 283.80cents. The next downside price objective for the bears is closing prices belowsolid technical support at the August low of 257.45 cents. First resistance isseen at last week's high of 268.00 cents and then at 270.00 cents. Firstsupport is seen at 260.00 cents and then at 257.45 cents. Wyckoff's MarketRating: 1.5.

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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