Yukon Gears Up For Growth Boom
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Real-time gold scrap value calculator for professionals
Real-time gold scrap value calculator for professionals
Calculate precious metal dimensions, weights and purity
pricesaremoderately lower in early-afternoon dealings, and trading near the recent one-yearlow, Live Kitco Copper Charts
that is near a 12-month high continuesto scare buyers away from the precious metals markets.
Thereremains a lack of bullish fundamental news to support new buying interest insafe-haven gold and silver markets. Combine that with the bearish technicalpostures of both metals and dull summertime trading, and you get a gradualdrift lower in prices.
TheWorld Gold Council has reported that gold demand in India will be better in thesecond half of this year, due to good crop harvests and the festival seasons.India and China run neck-and-neck as the leading gold consumer in the world.
Tradersare looking ahead to Friday’s U.S. jobs report for July. Wednesday’s ADPnational employment report for July showed a rise of 219,000. That number washigher than the expected rise of 185,000. The non-farm payrolls number onFriday is forecast to come in at up 190,000. The stronger ADP number suggestsFriday’s figure could come in higher, too.
prices solidly higherand trading above $69.00 a barrel. If not for the rally in the oil markettoday, metals prices could be trading even lower.
Technically,the gold bears have the solid overall near-term technical advantage. There areno early chart clues to suggest a market bottom is close at hand. A 3.5-month-old downtrend is in place on thedaily bar chart. Gold bulls' next upside near-term price breakout objective isto produce a close above solid technical resistance at $1,250.00. Bears' nextnear-term downside price breakout objective is pushing prices below solidtechnical support at $1,200.00. First resistance is seen today’s high of$1,230.00 and then at this week’s high of $1,237.80. First support is seen atthe July low of $1,221.00 and then at$1,210.00. Wyckoff's Market Rating: 1.0
Thesilver bears have the solid overall near-term technical advantage. There arestill no early clues to suggest a market bottom is close at hand. Silver bulls'next upside price breakout objective is closing prices above solid technicalresistance at $16.00 an ounce. The next downside price breakout objective forthe bears is closing prices below solid support at $15.00. First resistance isseen at this week’s high of $15.635 and then at $15.70. Next support is seen atlast week’s low of $15.34 and then at the July low of $15.185. Wyckoff's MarketRating: 2.0.
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The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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