Gold, silver gain a bit as bulls work to stabilize markets
Gold, silver gain a bit as bulls work to stabilize markets
Date: 11/08/2021
Jim Wyckoff Tuesday August 10, 2021 12:40
(Kitco News) – Gold and silver prices are moderately higher in midday U.S. trading Tuesday, on normal upside price corrections after the sharp losses suffered last Friday and on Monday. Gold on Monday hit a more-than-four-month low and silver scored a more-than-eight-month low. The precious metals bulls appear to have stabilized their markets—at least for now. October gold futures were last up $6.00 at $1,730.40 and September Comex silver was last up $0.106 at $23.38 an ounce.
Global stock markets were mixed but mostly firmer overnight. The U.S. stock indexes are mixed at midday. Markets were generally quieter Tuesday, amid the summertime doldrums, when much of Europe is on holiday and many North American traders and investors are taking family vacations. Traders will be closely parsing speeches by a couple of Federal Reserve officials today, Loretta Mester and Charles Evans, looking for clues on the timing and direction of U.S. monetary policy—especially after last Friday’s much-stronger-than-expected U.S. jobs report. Separately, reports this week say the Biden Administration generally supports appointing Fed Chairman Jerome Powell to a second term.
The key outside markets today see the U.S. dollar index firmer and hitting a three-week high. Nymex crude oil futures prices are solidly higher on a good corrective bounce from recent strong selling pressure and trading around $68.75 a barrel. The yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.341%.
Technically, the gold bears have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at this week’s high of $1,763.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at this week’s low of $1,676.40. First resistance is seen at today’s high of $1,736.90 and then at $1,750.00. First support is seen at $1,700.00 and then at $1,676.40. Wyckoff’s Market Rating: 3.5
Silver prices hit a more-than-eight-month low Monday. The silver bears have the firm overall near-term technical advantage. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $25.00 an ounce. The next downside price objective for the bears is closing prices below solid support at this week’s low of $22.295. First resistance is seen at today’s high of $23.675 and then at $24.00. Next support is seen at $23.00 and then at $22.50. Wyckoff’s Market Rating: 3.0.
September N.Y. copper closed up 725 points at 436.20 cents today. Prices closed near the session high today. The copper bulls have the overall near-term technical advantage. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the July high of 462.75 cents. The next downside price objective for the bears is closing prices below solid technical support at the June low of 409.40 cents. First resistance is seen at 440.00 cents and then at 442.50 cents. First support is seen at today’s low of 428.40 cents and then at this week’s low of 424.35 cents. Wyckoff’s Market Rating: 6.0.
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