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Comex gold futures prices were trading modestly higher in late dealings Thursday. The market steadied and saw some bargain-hunting buying interest after two days of selling pressure that did produce some near-term technical damage. A firmer U.S. dollar Thursday did somewhat limit buying interest in gold. February Comex gold last traded up $6.80 at $1,390.20 an ounce. Spot gold last traded up $7.90 at $1,389.50.
The U.S. dollar index traded modestly higher Thursday. The dollar index is in a four-week-old price uptrend on the daily bar chart and index bulls have the near-term technical advantage. The U.S. dollar has benefited recently from financial worries in the European Union and rising U.S. Treasury bond and note yields this week. The rising Treasury yields are seen as somewhat bearish for the gold market as investor demand is being drawn toward the higher-yielding U.S. Treasuries.
Given the present holiday season and the end of the year being just ahead, don't be surprised if the precious metals and many other markets trade choppy and sideways in a quieter fashion into the end of the year.
There are still concerns that China will again move to tighten its monetary policy to dampen its domestic demand for raw commodities. Some are thinking the Chinese government could move to raise interest rates as soon as this weekend. That would be at least a near-term bearish factor for all commodity markets. However, strong demand for raw commodities will continue to come from China even if its interest rates are increased.
The London P.M. gold fixing was $1,391.25 versus the previous P.M. fixing of $1,385.50 an ounce.
Technically, February Comex gold futures this week have seen a significantly near-term bearish "key reversal" down produced on the daily bar chart, which is one early clue that a near-term market top is in place. However, solid price gains on Friday would provide the bulls with some fresh upside near-term technical momentum to suggest this week's selling pressure was just a downside price correction in an overall uptrend on the daily chart.
Gold market bulls still have the overall near-term and longer-term technical advantage. A four-month-old uptrend is still in place on the daily bar chart. Bulls' next near-term upside technical objective is to produce a close above strong technical resistance at the all-time high of $1,432.50. Bears' next near-term downside price objective is closing prices below solid technical support at $1,350.00. First resistance is seen at Thursday's high of $1,395.60 and then at $1,400.00. Support is seen at Thursday's low of $1,381.10 and then at $1,375.00. Wyckoff's Market Rating: 7.0.
March silver futures last traded up 52.8 cents at $28.78 an ounce Thursday. The silver bulls still have the overall near-term technical advantage and no significant chart damage has occurred this week. Bulls did regain some upside momentum with Thursday's solid price gains.
Silver prices are still in a four-month-old uptrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at $27.00. Bulls' next upside price objective is producing a close above solid technical resistance at this week's high of $30.75 an ounce. First resistance is seen at Thursday's high of $29.04 and then at $29.29. Next support is seen at $28.50 and then at Thursday's low of $28.20. Wyckoff's Market Rating: 7.5.
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March N.Y. copper last traded down 90 points at 409.15 cents Thursday. Prices closed nearer the session low after hitting a fresh contract and 2.5-year high. Prices this week have pushed above major psychological resistance at $4.00, which is bullish. Copper bulls have fresh upside technical momentum. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 425.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 390.00 cents. First resistance is seen at 413.15 and then at Thursday's contract high of 415.45 cents. First support is seen at Thursday's low of 407.15 cents and then at 405.00 cents.
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by
http://www.kitco.com/reports/KitcoNews20101209JW_PM.html
https://sites.google.com/site/projectwik2010/cxvb/comex-gold
Comex gold futures prices were trading modestly higher in late dealings Thursday. The market steadied and saw some bargain-hunting buying interest after two days of selling pressure that did produce some near-term technical damage. A firmer U.S. dollar Thursday did somewhat limit buying interest in gold. February Comex gold last traded up $6.80 at $1,390.20 an ounce. Spot gold last traded up $7.90 at $1,389.50.
The U.S. dollar index traded modestly higher Thursday. The dollar index is in a four-week-old price uptrend on the daily bar chart and index bulls have the near-term technical advantage. The U.S. dollar has benefited recently from financial worries in the European Union and rising U.S. Treasury bond and note yields this week. The rising Treasury yields are seen as somewhat bearish for the gold market as investor demand is being drawn toward the higher-yielding U.S. Treasuries.
Given the present holiday season and the end of the year being just ahead, don't be surprised if the precious metals and many other markets trade choppy and sideways in a quieter fashion into the end of the year.
There are still concerns that China will again move to tighten its monetary policy to dampen its domestic demand for raw commodities. Some are thinking the Chinese government could move to raise interest rates as soon as this weekend. That would be at least a near-term bearish factor for all commodity markets. However, strong demand for raw commodities will continue to come from China even if its interest rates are increased.
The London P.M. gold fixing was $1,391.25 versus the previous P.M. fixing of $1,385.50 an ounce.
Technically, February Comex gold futures this week have seen a significantly near-term bearish "key reversal" down produced on the daily bar chart, which is one early clue that a near-term market top is in place. However, solid price gains on Friday would provide the bulls with some fresh upside near-term technical momentum to suggest this week's selling pressure was just a downside price correction in an overall uptrend on the daily chart.
Gold market bulls still have the overall near-term and longer-term technical advantage. A four-month-old uptrend is still in place on the daily bar chart. Bulls' next near-term upside technical objective is to produce a close above strong technical resistance at the all-time high of $1,432.50. Bears' next near-term downside price objective is closing prices below solid technical support at $1,350.00. First resistance is seen at Thursday's high of $1,395.60 and then at $1,400.00. Support is seen at Thursday's low of $1,381.10 and then at $1,375.00. Wyckoff's Market Rating: 7.0.
March silver futures last traded up 52.8 cents at $28.78 an ounce Thursday. The silver bulls still have the overall near-term technical advantage and no significant chart damage has occurred this week. Bulls did regain some upside momentum with Thursday's solid price gains.
Silver prices are still in a four-month-old uptrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at $27.00. Bulls' next upside price objective is producing a close above solid technical resistance at this week's high of $30.75 an ounce. First resistance is seen at Thursday's high of $29.04 and then at $29.29. Next support is seen at $28.50 and then at Thursday's low of $28.20. Wyckoff's Market Rating: 7.5.
go to
https://sites.google.com/site/projectwik2010/cxvb/comex-gold
March N.Y. copper last traded down 90 points at 409.15 cents Thursday. Prices closed nearer the session low after hitting a fresh contract and 2.5-year high. Prices this week have pushed above major psychological resistance at $4.00, which is bullish. Copper bulls have fresh upside technical momentum. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 425.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 390.00 cents. First resistance is seen at 413.15 and then at Thursday's contract high of 415.45 cents. First support is seen at Thursday's low of 407.15 cents and then at 405.00 cents.
go to
https://sites.google.com/site/projectwik2010/cxvb/comex-gold
by
http://www.kitco.com/reports/KitcoNews20101209JW_PM.html
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