Gold, Silver See Choppy, Lackluster Summertime Trading

(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 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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