Articles
-
Gold Lower On Profit-Taking, Chart Consolidation, Bearish Outside Markets
Gold prices ended an uneventful day session moderately lower Monday, on some more profit taking from the shorter-term traders and on chart consolidation after the market hit a 3.5-month high last week. December Comex gold was last down $10.30 at $1,172.80 an ounce. December Comex silver was last down $0.37 at $15.845 an ounce.
The key outside markets were also in a bearish posture for the precious metals on this day. The U.S. dollar index was higher as the greenback made a rebound from recent selling pressure. Crude oil prices were lower and are now back in the middle of a trading range on the daily bar chart.
In other news Monday, China’s third-quarter gross domestic product came in at up 6.9%, year-on-year. This is the first China GDP reading below 7% in several years. However, the GDP number was slightly higher than market expectations. There were internal components of the latest economic data coming from China that remain troubling, such as industrial output and fixed-asset investment.
China’s Shanghai stock index finished slightly lower on the day Monday, while the rest of Asia’s stock markets were mixed.
The U.S. government is again flirting with a shutdown in early November, if the U.S. debt limit is not raised. In past years this matter has been a major issue in the marketplace. However, so far this year traders and investors are thinking a shutdown showdown among U.S. lawmakers will not occur. If that thinking changes and a U.S. government shutdown looms, anxiety in the marketplace will quickly appear.
There was no major U.S. economic data released Monday.
Technically, December gold futures prices closed near mid-range. The gold bulls still have the slight overall near-term technical advantage but need to show fresh power soon to keep it. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,200.00. Bears’ next near-term downside price breakout objective is closing prices below solid technical support at $1,156.40. First resistance is seen at today’s high of $1,178.20 and then at Friday’s high of $1,184.80. First support is seen at today’s low of $1,169.00 and then at $1,162.50. Wyckoff’s Market Rating: 5.5
December silver futures prices closed nearer the session low on profit taking. The silver market bulls have the slight near-term technical advantage but need to show fresh power soon to keep it. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $16.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $15.25. First resistance is seen at last week’s high of $16.195 and then at $16.50. Next support is seen at today’s low of $15.735 and then at $15.435. Wyckoff’s Market Rating: 5.5.
December N.Y. copper closed down 385 points at 236.50 cents today. Prices closed nearer the session low today. The key “outside markets” were bearish for copper today as the U.S. dollar index was higher and crude oil prices were lower. Copper bears have the overall near-term technical advantage. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the September high of 249.30 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the August low of 220.25 cents. First resistance is seen at today’s high of 240.65 cents and then at last week’s high of 243.75 cents. First support is seen at today’s low of 235.70 cents and then at 232.00 cents. Wyckoff’s Market Rating: 2.5.
Read full article
-
Authorized Person for MEX NEPAL
Mob: +977 9856030634 -
Biratnagar Branch Manager
Mob: +977 9852033934 -
Our Clearing Member
-
Our Banking Partners
-
-
-
