Jim Wyckoff Thursday September 09, 2021 13:04
(Kitco News) – Gold and silver prices are slightly higher in midday U.S. trading Thursday, on some perceived value-buying following this week’s selling pressure. A weaker U.S. dollar index on this day is also supportive to the metals markets. Gold and silver bulls have the slight near-term technical advantage amid price uptrends in place on the daily bar charts. October gold futures were last up $1.80 at $1,793.00. December Comex silver was last up $0.054 at $24.115 an ounce.
Today’s regular monetary policy meeting of the European Central Bank saw no changes in ECB interest rate policy, as expected, but the central bank did slightly reduce its monthly bond purchases at a “moderately lower pace.”
Global stock markets were mostly down in overnight trading. The U.S. stock indexes are a bit higher at midday. Trader and investor risk appetite is somewhat less robust this week. The resurgence of the delta variant of Covid in major economies has the marketplace more pensive.
The other key outside market today sees Nymex crude oil futures prices weaker and trading around $69.00 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.327%.
Technically, gold bulls have the slight overall near-term technical advantage but are fading and need to show more power soon to keep a four-week-old price uptrend alive on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the July high of $1,836.20. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,750.00. First resistance is seen at Wednesday’s high of $1,802.20 and then at $1,810.00. First support is seen at this week’s low of $1,780.80 and then at $1,775.00. Wyckoff’s Market Rating: 5.5
The silver bulls have the slight overall near-term technical advantage. Prices are still in a four-week-old uptrend on the daily chart. 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 the August low of $22.35. First resistance is seen at $24.48 and then at the September high of $24.945. Next support is seen at today’s low of $23.865 and then at last week’s low of $23.775. Wyckoff’s Market Rating: 5.5.
December N.Y. copper closed up 550 points at 428.75 cents today. Prices closed nearer the session high today. The copper bulls and bears are on a level overall near-term technical playing field. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the July high of 458.60 cents. The next downside price objective for the bears is closing prices below solid technical support at the August low of 396.65 cents. First resistance is seen at today’s high of 431.40 cents and then at this week’s high of 434.65 cents. First support is seen at this week’s low of 420.60 cents and then at 416.55 cents. Wyckoff’s Market Rating: 5.0.
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