Gold, silver prices slightly up as markets turn quieter

(Kitco News) – Gold and silver prices are modestly up in early U.S. trading Tuesday. However, gains in the safe-haven metals are being limited by firmer global equity markets, including the U.S. stock indexes trading very close to their yearly and all-time highs. The gold and silver markets are in need of a dose of bullish news as the geopolitical front has quieted down recently. December gold futures were last up $1.30 an ounce at 1,489.50. December Comex silver prices were last up $0.003 at $17.605 an ounce.

Asian and European stock indexes were mixed but mostly firmer overnight. U.S. stock indexes are pointed toward narrowly mixed openings when the New York day session begins.

Trader and investor attitudes worldwide remain generally upbeat early this week. The U.S.-China trade negotiations appear to be progressing. President Trump said Monday afternoon the talks are “coming along very well,” suggesting a trade agreement between the world’s two largest economies could be signed as early as next month.

The Brexit situation remains in limbo this week, after a hoped-for weekend deal between the U.K. and the European Union fell through. The British Parliament is moving to again delay a vote to seal the Brexit deal. U.K. Prime Minister Boris Johnson wants a resolution to the matter sooner. The uncertainty of the matter is prompting some risk aversion from European traders.

European Union officials have warned five countries about the EU budget constricts not being met, which is also causing some concern among European market watchers.

A heavy slate of U.S. corporate earnings reports this week is the focus of U.S. stock market traders, amid no fresh geopolitical flare-ups at present.

The key “outside markets” today find Nymex crude oil prices firmer in early U.S. trading today and trading around $53.50 a barrel. Meantime, the U.S. dollar index is slightly up on a mild corrective bounce from recent selling pressure that drove the index to a nine-week low on Monday.

U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales report, the Richmond Fed business survey, and existing home sales.

Technically, the gold bulls have the overall near-term technical advantage. A six-week-old downtrend line is still in place on the daily bar chart. The recent “collapse in volatility” of prices the past three sessions suggests a bigger price move is on the horizon. Bulls’ next upside price objective is to produce a close in December futures above solid resistance at $1,525.00. Bears’ next near-term downside price breakout objective is pushing December futures prices below solid technical support at the October low of $1,465.00. First resistance is seen at $1,500.00 and then at last week’s high of $1,503.00. First support is seen at $1,490.00 and then at last week’s low of $1,478.00. Wyckoff’s Market Rating: 6.0

December silver futures bulls have the overall near-term technical advantage and are working on negating a six-week-old downtrend line in place on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the October low of $16.94. First resistance is seen at Monday’s high of $17.895 and then at $18.00. Next support is seen at the overnight low of $17.455 and then at $17.33. Wyckoff’s Market Rating: 6.0.

By Jim Wyckoff
For Kitco News


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