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What is Truth?
8th December 2010, 20:00
P.M. Kitco Metals Roundup: Comex Gold Ends Sharply Lower on Profit Taking; Some Near-Term Chart Damage Inflicted

08 December 2010, 2:16 p.m.
By Jim Wyckoff
Of Kitco News
http://www.kitco.com/


Comex gold futures prices closed solidly lower Wednesday on heavy profit-taking pressure after hitting an all-time record high on Tuesday. A firmer U.S. dollar and higher Treasury yields Wednesday added to downside price pressure in the gold market. Some near-term technical damage has also been inflicted in gold the past two days. February Comex gold last traded down $26.60 at $1,382.40 an ounce. Spot gold last traded down $19.50 at $1,382.00.

The U.S. dollar index traded firmer Wednesday, which was modestly bearish for gold. The dollar index is in a four-week-old price uptrend on the daily bar chart and technical odds are increasing the index has put in at least a near-term low. The greenback has benefited recently from ongoing financial woes in the European Union.

Rising U.S. Treasury bond and note yields this week have also boosted the U.S. currency and helped to somewhat pressure gold. The higher returns on U.S. government debt have served to pull in some fresh investor demand for U.S. Treasuries and away from gold.

The London P.M. gold fixing was $1,385.50 versus the previous P.M. fixing of $1,420.00 an ounce.

Technically, February Comex gold futures prices closed nearer the session low Wednesday. There was also strong follow-through selling pressure in gold on Wednesday, from solid losses seen Tuesday, and a significantly bearish "key reversal" down was confirmed on the daily bar chart. This is one early clue that a near-term market top is in place. However, a "near-term" market top does not at this point suggest that a major or longer-term market top is in place in gold. The key reversal does at least suggest prices are due for a decent downside correction in the near term--possibly into the end of the year.

Importantly, price uptrends on the charts are still fully in place for gold. The gold market bulls still have the overall near-term technical advantage. A four-month-old uptrend is still in place on the daily bar chart. Bulls' next near-term upside technical objective is to produce a close above strong technical resistance at Tuesday's all-time high of $1,432.50. Bears' next near-term downside price objective is closing prices below solid technical support at $1,350.00. First resistance is seen at $1,390.00 and then at $1,400.00. Support is seen at Wednesday's low of $1,372.10 and then at $1,360.00. Wyckoff's Market Rating: 7.0.

March silver futures closed down 160.7 cents at $28.17 an ounce Wednesday. Prices closed near the session low and saw heavy profit-taking pressure from recent gains. No serious chart damage occurred in silver Wednesday, but the bulls did fade badly and need to show fresh power soon. The firmer U.S. dollar index did help push silver down Wednesday.

The silver bulls still have the overall near-term technical advantage. Silver prices are still in a four-month-old uptrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at $27.00. Bulls' next upside price objective is producing a close above solid technical resistance at this week's high of $30.75 an ounce. First resistance is seen at $28.50 and then at $29.00. Next support is seen at Wednesday's low of $28.01 and then at $27.75. Wyckoff's Market Rating: 7.5.

March N.Y. copper closed up 535 points at 410.30 cents Wednesday. Prices closed nearer the session high and hit a fresh contract and 2.5-year high close. Prices this week have pushed above major psychological resistance at $4.00, which is bullish. Copper bulls have fresh upside technical momentum. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 425.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 390.00 cents. First resistance is seen at this week's contract high of 413.15 and then at 415.00 cents. First support is seen at 408.75 cents and then at 405.00 cents. Wyckoff's Market Rating: 8.5.

By Jim Wyckoff of Kitco News; jwyckoff@kitco.com

ccjoe
9th December 2010, 05:42
P.M. Kitco Metals Roundup: Comex Gold Ends Sharply Lower on Profit Taking; Some Near-Term Chart Damage Inflicted

08 December 2010, 2:16 p.m.
By Jim Wyckoff
Of Kitco News
http://www.kitco.com/


Comex gold futures prices closed solidly lower Wednesday on heavy profit-taking pressure after hitting an all-time record high on Tuesday. A firmer U.S. dollar and higher Treasury yields Wednesday added to downside price pressure in the gold market. Some near-term technical damage has also been inflicted in gold the past two days. February Comex gold last traded down $26.60 at $1,382.40 an ounce. Spot gold last traded down $19.50 at $1,382.00.

The U.S. dollar index traded firmer Wednesday, which was modestly bearish for gold. The dollar index is in a four-week-old price uptrend on the daily bar chart and technical odds are increasing the index has put in at least a near-term low. The greenback has benefited recently from ongoing financial woes in the European Union.

Rising U.S. Treasury bond and note yields this week have also boosted the U.S. currency and helped to somewhat pressure gold. The higher returns on U.S. government debt have served to pull in some fresh investor demand for U.S. Treasuries and away from gold.

The London P.M. gold fixing was $1,385.50 versus the previous P.M. fixing of $1,420.00 an ounce.

Technically, February Comex gold futures prices closed nearer the session low Wednesday. There was also strong follow-through selling pressure in gold on Wednesday, from solid losses seen Tuesday, and a significantly bearish "key reversal" down was confirmed on the daily bar chart. This is one early clue that a near-term market top is in place. However, a "near-term" market top does not at this point suggest that a major or longer-term market top is in place in gold. The key reversal does at least suggest prices are due for a decent downside correction in the near term--possibly into the end of the year.

Importantly, price uptrends on the charts are still fully in place for gold. The gold market bulls still have the overall near-term technical advantage. A four-month-old uptrend is still in place on the daily bar chart. Bulls' next near-term upside technical objective is to produce a close above strong technical resistance at Tuesday's all-time high of $1,432.50. Bears' next near-term downside price objective is closing prices below solid technical support at $1,350.00. First resistance is seen at $1,390.00 and then at $1,400.00. Support is seen at Wednesday's low of $1,372.10 and then at $1,360.00. Wyckoff's Market Rating: 7.0.

March silver futures closed down 160.7 cents at $28.17 an ounce Wednesday. Prices closed near the session low and saw heavy profit-taking pressure from recent gains. No serious chart damage occurred in silver Wednesday, but the bulls did fade badly and need to show fresh power soon. The firmer U.S. dollar index did help push silver down Wednesday.

The silver bulls still have the overall near-term technical advantage. Silver prices are still in a four-month-old uptrend on the daily bar chart. The next downside price objective for the bears is closing prices below solid technical support at $27.00. Bulls' next upside price objective is producing a close above solid technical resistance at this week's high of $30.75 an ounce. First resistance is seen at $28.50 and then at $29.00. Next support is seen at Wednesday's low of $28.01 and then at $27.75. Wyckoff's Market Rating: 7.5.

March N.Y. copper closed up 535 points at 410.30 cents Wednesday. Prices closed nearer the session high and hit a fresh contract and 2.5-year high close. Prices this week have pushed above major psychological resistance at $4.00, which is bullish. Copper bulls have fresh upside technical momentum. Bulls' next upside objective is pushing and closing prices above solid technical resistance at 425.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 390.00 cents. First resistance is seen at this week's contract high of 413.15 and then at 415.00 cents. First support is seen at 408.75 cents and then at 405.00 cents. Wyckoff's Market Rating: 8.5.

By Jim Wyckoff of Kitco News; jwyckoff@kitco.com

I hope Val reads this and sees how copper skyrocketing makes sense for a physical hoarder like me.
After my real estate debacle, I think buy the lowest price in the country and sell astronomically high in a couple years makes extraordinary sense. My wife is looking forward to selling these beautiful bars in a couple years when we need the money and cu becomes liquid which it is NOT right now.
Like Gerald Celente, I like to look to the future while learning from the past.

Skid
9th December 2010, 17:38
I hope Val reads this and sees how copper skyrocketing makes sense for a physical hoarder like me.
After my real estate debacle, I think buy the lowest price in the country and sell astronomically high in a couple years makes extraordinary sense. My wife is looking forward to selling these beautiful bars in a couple years when we need the money and cu becomes liquid which it is NOT right now.
Like Gerald Celente, I like to look to the future while learning from the past.

I never thought I'd say this, but I HOPE it works out for you.

What is Truth?
9th December 2010, 17:49
I never thought I'd say this, but I HOPE it works out for you.

Don't say that, he will have your head for saying that! Better to curse him in his view.