Jim Wyckoff Monday November 15, 2021 12:11
(Kitco News) – Gold and silver prices are modestly lower in midday U.S. trading Monday. Gold did poke to another five-month high early on. Some normal profit taking was seen by the shorter-term futures traders was featured today, following recent good price gains. Gold and silver bulls remain in technical control amid near-term price uptrends firmly in place. Fears of rising inflationary pressures will likely continue to drive new buying interest into the hard-asset precious metals. December gold was last down $3.10 at $1,865.40 and December Comex silver was last down $0.241 at $25.105 an ounce.
Global stock markets mostly up in overnight trading. The U.S. stock indexes are a bit weaker at midday. Traders and investors are weighing the bullish aspect of upbeat third-quarter corporate earnings reports versus the bearish implications of rising inflationary pressures.
Another worrisome element in the marketplace is rising Covid-19 cases in China and parts of Europe. Some countries are again imposing business and public restrictions, which could crimp economic growth.
The key outside markets today see the U.S. dollar index a bit weaker after hitting a 15-month high on Friday. Nymex crude oil prices are lower and trading around $79.75 a barrel. The crude oil market bulls appear to have run out of gas and a market top could be in place. Meantime, the 10-year U.S. Treasury note yield rose today and is presently fetching 1.613%.
U.S. economic data was light Monday but the pace picks up speed rapidly on Tuesday.
Technically, December gold futures bulls have the firm overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,900.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at today’s high of $1,873.00 and then at $1,885.00. First support is seen at $1,850.00 and then at $1,845.10. Wyckoff’s Market Rating: 7.0.
December silver futures prices Friday hit a three-month high and mild profit taking was seen today. The silver bulls have the overall near-term technical advantage amid a six-week-old uptrend in place on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $26.13 an ounce. The next downside price objective for the bears is closing prices below solid support at the November low of $23.045. First resistance is seen at last week’s high of $25.47 and then at $25.75. Next support is seen at $24.645 and then at $24.00. Wyckoff’s Market Rating: 6.0.
December N.Y. copper closed down 355 points at 441.40 cents today. Prices closed nearer the session low today. The copper bulls have the slight overall near-term technical advantage. A bullish rounding-bottom reversal pattern has formed on the daily bar chart. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 460.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 420.00 cents. First resistance is seen at today’s high of 448.90 cents and then at 450.00 cents. First support is seen at 435.00 cents and then at 430.00 cents. Wyckoff’s Market Rating: 5.5.
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