Markets

P.M. Kitco Metals Roundup: Comex Gold Ends Higher, at Fresh All-Time Record High Close

Comex gold prices closed higher, near the daily high and closed at a fresh record-high close Monday. Mild profit-taking pressure was seen early in the session, but bargain hunters once again stepped in and took advantage of the lower prices. December Comex gold last traded up $9.00 an ounce at $1,354.30. Spot gold was last quoted up $6.50 at $1,354.00.

The U.S. dollar index was under light selling pressure Monday morning, and hit a fresh nine-month low overnight. However, the index stabilized at near steady levels as the day wore on Monday. The weekend Group of Seven meeting of finance ministers reportedly produced heated rhetoric among G-7 officials but no significant measures regarding foreign exchange rates.

Last Friday's anemic U.S. employment report lifted the gold market after prices had seen a solid decline last Thursday. The jobs report reinforces investor notions the U.S. Federal Reserve will soon take quantitative monetary easing measures to stimulate the sickly economy. That's dollar-bearish and gold-bullish, at present.

The London P.M. gold fixing was $1,351.50 versus the previous P.M. fixing of $1,341.50 an ounce.

Technically, gold market bulls have the solid overall near-term technical advantage and have regained upside momentum the past two trading sessions. December Comex gold futures prices are in a 2.5-month-old uptrend on the daily bar chart. Bulls' next near-term upside technical objective is to produce a close above solid technical resistance at the record high of $1,366.00. Bears' next near-term downside price objective is closing prices below solid technical support at $1,325.60. First resistance is seen at Monday's high of $1,356.30 and then at $1,360.00. Support is seen at $1,350.00 and then at Monday's low of $1,341.10. Wyckoff's Market Rating: 8.5.

December silver futures closed up 25.5 cents at $23.36 an ounce Monday. Prices closed near mid-range and hit another fresh 30-year high. Silver bulls have the overall near-term technical advantage and have gained fresh upside momentum the past two trading days. Prices are in a steep seven-week-old uptrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at $22.35. Bulls' next upside price objective is producing a close above solid technical resistance at $24.00 an ounce. First resistance is seen at $23.50 and then at today's high of $23.675. Next support is seen at Monday's low of $23.055 and then at $22.76. Wyckoff's Market Rating: 8.5.

December N.Y. copper closed up 150 points at 378.95 cents Monday. Prices closed nearer the session low. Prices did hit a fresh contract and two-year high Monday. The copper bulls have the solid overall near-term technical advantage. Prices are in a four-month-old uptrend on the daily bar chart. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 390.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 360.00 cents. First resistance is seen at 380.00 cents and then at Monday's high of 382.00 cents. First support is seen at Monday's low of 377.25 cents and then at 375.00 cents. Wyckoff's Market Rating: 8.0.

By Jim Wyckoff of Kitco News; jwyckoff@kitco.com

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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