Gold prices are trading near steady in early-afternoon U.S. trading Wednesday. Silver prices were sporting moderate gains and hit a three-week high today. This week’s stabilization in the yellow metal does favor the bulls. More upside price action in gold this week would produce positive chart signals to suggest a near-term market bottom is in place. August Comex gold futures were last down $0.40 an ounce at $1,301.80. July Comex silver was last up $0.162 at $16.705 an ounce.
World stock markets were mostly firmer overnight and U.S. stock indexes hit 2.5-month highs again today, as traders and investors are in upbeat, risk-taking moods at present. This remains a bearish element for safe-haven gold and silver markets.
The key “outside markets” today find Nymex crude oil prices lower and trading just below $65.00 a barrel. The U.S. dollar index was lower today on more of a corrective pullback from recent gains that last week pushed prices to a 10.5-month high.
Technically, gold prices are still in a two-month-old downtrend on the daily bar chart, but now just barely. The gold bears still have the slight overall near-term technical advantage. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the May high of $1,332.40. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at the May low of $1,286.80. First resistance is seen at today’s high of $1,306.10 and then at last week’s high of $1,312.60. First support is seen at last week’s low of $1,293.10 and then at $1,286.80. Wyckoff’s Market Rating: 4.5
July silver prices hit a three-week high today. The silver bulls and bears are now back on a level overall near-term technical playing field. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $17.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the May low of $16.07. First resistance is seen at today’s high of $16.765 and then at the May high of $16.865. Next support is seen at today’s low of $16.505 and then at last week’s low of $16.31. Wyckoff’s Market Rating: 5.0.
July N.Y. copper closed up 625 points at 326.10 cents today. Prices closed nearer the session high and hit a three-month high today. The copper bulls have the firm overall near-term technical advantage and gained more power today. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the December high of 334.20 cents. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of 309.00 cents. First resistance is seen at today’s high of 326.85 cents and then at 330.00 cents. First support is seen at 321.80 cents and then at today’s low of 319.30 cents. Wyckoff’s Market Rating: 7.0.