(Kitco News)- Gold and silver prices arenear steady but have traded on both sides of unchanged in uninspired actionWednesday. The precious metals traders are looking for a dose of newfundamental information to provide a spark to the markets. With much of Europeon holiday and many traders in the U.S. taking family vacations, trading actionhas been constrained. December gold futures were last up $0.70 an ounce at$1,219.00. September Comex silver was last up $0.027 at $15.405 an ounce.
Amidthe lack of fresh metals-market-moving news recently, the path of leastresistance for prices remains sideways to lower because the near-term technicalpostures for gold and silver remain fully bearish.
U.S.economic data released so far this week has also been on the light side.
Technically,gold bears have the solid overall near-term technical advantage amid a pricedowntrend on the daily bar chart. Gold bulls' next upside near-term pricebreakout objective is to produce a close in December futures above solidresistance at $1,244.70. Bears' next near-term downside price breakoutobjective is pushing prices below solid technical support at $1,200.00. Firstresistance is seen at this week's high of $1,226.00 and then at $1,230.00.First support is seen at last week's low of $1,212.50 and then at $1,200.00.Wyckoff's Market Rating: 1.5
Septembersilver futures bears have the solid overall near-term technical advantage.Silver bulls' next upside price breakout objective is closing prices abovesolid technical resistance at $15.75 an ounce. The next downside price breakoutobjective for the bears is closing prices below solid support at $15.00. Firstresistance is seen at this week's high of $15.505 and then at last week's highof $15.635. Next support is seen at last week's low of $15.25 and then at theJuly low of $15.185. Wyckoff's Market Rating: 1.5.
By Jim WyckoffFor Kitco News
Follow @jimwyckoff