Senior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
- Gold and silver prices are a bit weaker in midday U.S. trading Monday, on normal downside corrections and profit taking from the shorter-term futures traders following last week's solid gains. Rising U.S. Treasury yields to start the trading week were also a bearish daily outside market element for the precious metals markets. December gold was last down $6.60 at $1,934.80 and December silver was down $0.085 at $22.815.
Marketplace focus is also on China's economy. Broker SP Angel said today in an email dispatch that China's yuan currency is under pressure as Chinese officials continue to move to restrict cash outflows. The"carry trade" continues to draw capital out of China and into the U.S. dollar, with a U.S.-China yield gap of 1.9% on in the 10-year government bonds.
December gold futures see recent price action suggesting a market bottom is in place. However, the bears still have the overall near-term technical advantage. A five-month-old price downtrend is in place on the daily bar chart, but just barely. Bulls' next upside price objective is to produce a close above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the October low of $1,823.50.
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Routine corrective price pullbacks in gold, silverSenior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
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