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Gold Stages Modest Rally On Short Covering, Bargain Buying
prices aremoderately up in early-afternoon U.S. trading Tuesday. Some short covering inthe futures market and perceived bargain buying in the cash market arefeatured. Also, the last trading day of the month today likely prompted someposition evening in the metals, most of which being short covering. Still, thelow risk aversion in the world marketplace at present continues to weigh on thesafe-haven metals.
Infocus this week is central bank meetings of the U.S., the Bank of Japan and theBank of England. The BOJ today left its interest rates unchanged, as expected,but did surprise the marketplace by reiterating it will maintain its ultra-lowinterest rates and easy monetary policy. Only the BOE is expected to make anypolicy move—raising its interest rates slightly. The FOMC meeting of theFederal Reserve began Tuesday morning and ends Wednesday afternoon with astatement.
prices lower and trading justbelow $69.00 a barrel. Meantime, the
Technically,the gold bears still have the solid overall near-term technical advantage.There are still no strong, early clues to suggest a market bottom is close athand. A 3.5-month-old downtrend is inplace on the daily bar chart. Gold bulls' next upside near-term price breakoutobjective is to produce a close above solid technical resistance at $1,250.00.Bears' next near-term downside price breakout objective is pushing prices belowsolid technical support at $1,200.00. First resistance is seen at today’s highof $1,237.80 and then at last week’s high of $1,244.70. First support is seenat $1,230.00 and then at $1,225.00. Wyckoff's Market Rating: 2.0
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 last week’s high of $15.70 and then at $15.90. Next support is seen attoday’s low of $15.38 and then at the July low of $15.185. Wyckoff's MarketRating: 2.5.
SeptemberN.Y. copper closed up 475 points at 283.90 cents today. Prices closed near thesession high. The copper bears still have the firm overall near-term technicaladvantage. Copper bulls' next upside price objective is pushing and closingprices above solid technical resistance at 300.00 cents. The next downsideprice objective for the bears is closing prices below solid technical supportat the July low of 267.35 cents. First resistance is seen at last week’s highof 283.70 cents and then at 285.00 cents. First support is seen at this week’slow of 275.85 cents and then at 273.00 cents. Wyckoff's Market Rating: 3.0.
The views expressed in this article are those of the author and may not reflect those of
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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