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Gold, silver feeling the pressure from hawkish central banks

Global stock markets were mixed overnight, with European shares mostly lower and Asian shares mostly higher. U.S. stock indexes are lower at midday.The key outside markets today see Nymex crude oil prices lower and trading around $82.00 a barrel. The U.S. dollar index is higher in midday U.S. trading. The yield on the 10-year U.S. Treasury note is fetching 3.575% and climbing.Technically, October gold futures prices are hovering near last week’s nearly 2.5-year low. The gold futures bears have the solid overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $1,700.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,600.00. First resistance is seen at today’s high of $1,678.00 and then at $1,686.30. First support is seen at the September low of $1,651.90 and then at $1,635.00. Wyckoff’s Market Rating: 1.0.

Live 24 hours silver chart [ Kitco Inc. ]

December silver futures bears have the firm overall near-term technical advantage. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $21.00. The next downside price objective for the bears is closing prices below solid support at $18.00. First resistance is seen at this week’s high of $19.69 and then at $20.00. Next support is seen at $19.00 and then at last week’s low of $18.77. Wyckoff’s Market Rating: 2.5.

December N.Y. copper closed down 70 points at 350.55 cents today. Prices closed nearer the session low today. The copper bears have the overall near-term technical advantage. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the August high of 378.35 cents. The next downside price objective for the bears is closing prices below solid technical support at the July low of 315.55 cents. First resistance is seen at this week’s high of 355.80 cents and then at 360.00 cents. First support is seen at last week’s low of the September low of 354.40 cents and then at 350.00 cents.

Source By Jim Wyckoff

For Kitco News

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