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By Jim Wyckoff
Of Kitco News
Of Kitco News
(Kitco News) – Comex gold futures are moderately lower in early U.S. trading Wednesday, as the market is consolidating on the charts the recent price gains.
The key “outside markets” are mildly bearish for the precious metals Wednesday, as the U.S. dollar index trades near steady and crude oil prices are weaker. April gold last traded down $7.60 at $1,677.30 an ounce. Spot gold was last quoted down $2.60 an ounce at $1,678.50. May Comex silver last traded down $0.101 at $32.515 an ounce.The U.S. dollar index is trading near steady in early trading Wednesday but the greenback bulls are fading. The dollar index Tuesday hit a fresh four-week low. The recent weaker posture of the dollar index is a bullish underlying factor for the precious metals. Meantime, crude oil prices are trading modestly lower Wednesday morning, but the oil bulls still have the overall near-term technical advantage.
The European Sovereign debt crisis is creeping back into the financial news this week, but is not quite a front-burner issue for the market place. The present posture of the market place appears to be that the worst of the EU debt crisis may be past. Still, any significant heating up of the EU debt crisis would likely support buying interest in safe-haven gold.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, durable goods orders and the weekly DOE energy stocks report.
The London A.M. gold fixing was $1,677.00 versus the previous P.M. fixing of $1,692.00.
(NOTE: Part of my mission at Kitco is to provide you, my valued reader, with some trading and investing education to make you a better trader/investor in your own right. I wrote a feature story a while back on my “Top 10 Trading Rules.” If you’d like to read that feature, just send me an email atjwyckoff@kitco.com and I’ll attach it and email it back to you.—Jim)
Technically, gold futures bulls have regained some upside near-term technical momentum this week as prices hit a two-week high Tuesday. However, the bulls have more work to do to suggest a near-term price uptrend can be established. The bulls’ next near-term upside price breakout objective is to produce a close above psychological resistance at $1,700.00. Bears’ next near-term downside price objective is closing prices below solid technical support at last week’s low of $1,627.50. First resistance is seen at the overnight high of $1,684.50 and then at Tuesday’s high of $1,696.90. First support is seen at the overnight low of $1,673.10 and then at $1,663.40.
May silver futures prices also hit a two-week high Tuesday as the bulls regained some upside technical momentum. However, silver bulls also have more work to do to regain the near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $34.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $31.09. First resistance is seen at the overnight high of $32.685 and then at $33.00. Next support is seen at the overnight low of $32.32 and then at $32.00.
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By Jim Wyckoff contributing to Kitco News; jim@jimwyckoff.com
source: forbes.com
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