- Comex gold futures ended slightly lower Wednesday in quiet,
low-volume trading. The approaching Christmas holiday and a short
trading week this week have investors and traders focusing less on
the markets. February Comex gold last traded down $2.10 at
$1,386.70 an ounce. Spot gold last traded up $0.50 at
Buying interest in gold was limited Wednesday by a steady U.S.
dollar index. The dollar saw some selling pressure arise on reports
that China was considering buying a big chunk of Portugal's
sovereign debt. However, the greenback was supported on a
stronger-than-expected existing home sales report.
Reports the International Monetary Fund said it has completed
its gold sales program is seen as a positive for gold market
prices. The IMF reportedly sold 403 metric tons of gold the past 14
Look for more quiet trading conditions Thursday, as many
investors and traders will hit the exit doors early, to get a jump
on the three-day Christmas holiday weekend.
The London P.M. gold fixing was $1,387.00 versus the previous
P.M. fixing of $1,383.00 an ounce.
(NOTE: For an explanation of my exclusive Wyckoff's Market
Rating I use below, just send me an email at
and I'll attach it and email it back to you.--Jim)
Technically, February Comex gold futures bulls still have the
overall near-term technical advantage. An overall 4.5-month-old
uptrend is in place on the daily bar chart. Bulls' next near-term
upside technical objective is to produce a close above solid
technical resistance at last week's high of $1,408.90. Bears' next
near-term downside price objective is closing prices below solid
technical support at last week's low of $1,361.60. First resistance
is seen at this week's high of 1,393.00 and then at $1,400.00.
Support is seen at $1,381.40 and then at this week's low of
$1,376.60. Wyckoff's Market Rating: 7.0.
March silver futures closed down 6.4 cents at $29.33 an ounce
Wednesday. Prices closed near mid-range in quiet trading. The
silver bulls have the overall near-term technical advantage. Silver
prices are in a 4.5-month-old uptrend on the daily bar chart. The
next downside price objective for the bears is closing prices below
solid technical support at $28.00. Bulls' next upside price
objective is producing a close above solid technical resistance at
last week's of $29.985 an ounce. First resistance is seen at this
week's high of $29.605 and then at $29.75. Next support is seen at
Wednesday's low of $29.23 and then at $29.00. Wyckoff's Market
March N.Y. copper closed down 35 points at 427.25 cents today.
Prices closed near mid-range today and hit another fresh 2.5-year
high. Copper bulls have the solid overall near-term technical
advantage. Bulls' next upside objective is pushing and closing
prices above solid technical resistance at 435.00 cents. The next
downside price objective for the bears is closing prices below
solid technical support at last week's low of 407.80 cents. First
resistance is seen at Wednesday's high of 429.65 and then at 431.00
cents. First support is seen at Wednesday's low of 424.75 cents and
then at 422.90 cents. Wyckoff's Market Rating: 8.5.
By Jim Wyckoff of Kitco News;