Gold Holds Onto Slight Gains Despite U.S. Stock Market Rally
(Kitco News) - Gold prices areslightly up and not far below Monday’s 10-week high in early-afternoon U.S.trading Tuesday. The gold bulls are impressed their metal is able to hold gainsamid a solid rally in the U.S. stock market today. December gold futures werelast up $1.80 an ounce at $1,232.50. December Comex silver was last down $0.007at $14.72 an ounce.
Thenear-term technical posture for gold has dramatically improved the past fewsessions, which continues to invite the chart-based buyers. Also, the recentvolatility in world stock markets and some heightened geopolitical tensions arecontinuing to provide some demand for safe-haven gold.
Therift between the U.S. and Saudi Arabia regarding a missing Saudi journalist whomany think was killed by the Saudi Kingdom is still on the front burner of themarketplace. The U.S. Secretary of State is in Saudi Arabia talking to theking. President Trump over the weekend said there would be “severe punishment”of the Saudi Kingdom if it was determined it killed the journalist. Somereports are now saying a Saudi may admit to killing the journalist. This mattermay be dying down a bit today but could quickly escalate, too.
Thekey outside markets today find the U.S. dollar index slightly lower. Meantime,November Nymex crude oil prices are slightly higher and trading just below$72.00 a barrel.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically,the gold bulls have the overall near-term technical advantage for the firsttime in months. Gold bulls' next upside near-term price breakout objective isto produce a close above solid technical resistance at $1,250.00. Bears' nextnear-term downside price breakout objective is pushing prices below solidtechnical support at $1,200.00. First resistance is seen at this week’s high of$1,236.90 in December futures and then at $1,240.00. First support is seen at$1,225.00 and then at this week’s low of $1,220.40. Wyckoff's Market Rating:6.0
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
Silverprices today hit a two-week high. The silver bears still have the overallnear-term technical advantage. Silver bulls' next upside price breakoutobjective is closing prices above solid technical resistance at $15.00 anounce. The next downside price breakout objective for the bears is closingprices below solid support at the September low of $13.965. First resistance isseen at today’s high of $13.88 in December futures and then at the October highof $13.95. Next support is seen at this week’s low of $14.615 and then at$14.50. Wyckoff's Market Rating: 3.5.
DecemberN.Y. copper closed down 80 points at 278.10 cents today. Prices closed nearerthe session high today. The copper bears have the overall near-term technicaladvantage. Copper bulls' next upside price objective is pushing and closingprices above solid technical resistance at the 290.00 cents. The next downsideprice objective for the bears is closing prices below solid technical supportat the August low of 257.45 cents. First resistance is seen at 280.00 cents andthen at this week’s high of 283.90 cents. First support is seen at today’s lowof 275.80 cents and then at 272.50 cents. Wyckoff's Market Rating: 3.0.
By Jim WyckoffFor Kitco News
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jwyckoff@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.