(Kitco News) - Gold and silver prices are a bit firmer in quieter midday U.S. trading Tuesday. Tepid short covering and some perceived light bargain hunting are featured in the two precious metals, after both recently hit five-month lows.
The marketplace is quieter amid the summertime doldrums and as traders and investors are looking ahead to the late-week annual Federal Reserve symposium held in Jackson Hole, Wyoming. This meeting usually produces some market-sensitive news from world central bankers’ comments, including Fed Chair Jerome Powell. Powell is scheduled to speak at the confab on Friday.
The key outside markets today see the U.S. dollar index higher, while Nymex crude oil futures prices are slightly down and trading around $79.75 a barrel. The benchmark U.S. Treasury 10-year note is presently fetching 4.326%. Technically, December gold futures bears have the firm overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,980.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at today’s high of $1,933.20 and then at $1,938.20.
September N.Y. copper closed up 385 points at 375.70 cents today. Prices closed nearer the session high. The copper bears have the overall near-term technical advantage. Prices are still in a downtrend on the daily bar chart but now just barely. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 390.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the May low of 356.50 cents.
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