Gold, Silver Prices Pressured By Profit-Taking, Firmer U.S. Dollar
(Kitco News) - Gold and silver prices were ending the U.S. day session modestly weaker Monday. Someprofit-taking and chart consolidation were featured in both metals, afterrecent good gains. A higherU.S. dollar index on this day also worked againstthe precious metals market bulls. February Comex gold was last down $2.30 anounce at $1,320.10. March Comex silver was last down $0.135 at $17.15 an ounce.
U.S.stock indexes were higher and hit new record highs Monday, which was also anegative for the competing asset class, precious metals.
Therewere no major news developments Monday or over the weekend to significantlyimpact the marketplace. The U.S. report schedule was also very light.
Theother key outside market on Monday saw Nymex crude oil prices firmer andtrading above $61.00 a barrel. Oil prices are near the three-year highs hitlast week. Rallying oil prices are a positive development for the raw commoditysector, including the metals.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically,Februarygold futures prices closed near mid-range. The bulls still have theoverall near-term technical advantage, amid a four-week-old uptrend in place onthe daily bar chart. Gold bulls' next upside near-term price breakout objectiveis to produce a close above solid technical resistance at $1,350.00. Bears'next near-term downside price breakout objective is pushing prices below solidtechnical support at $1,280.00. First resistance is seen at last week's high of$1,327.30 and then at $1,335.00. First support is seen at $1,312.70 and then at$1,307.10. Wyckoff's Market Rating: 6.0
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
March silver futures prices closed nearer the session low on mild profit taking afterhitting a six-week high last week. The bulls still have the overall near-termtechnical advantage. Prices are in a four-week-old uptrend on the daily barchart. Silver bulls' next upside price breakout objective is closing pricesabove solid technical resistance at $18.00 an ounce. The next downside pricebreakout objective for the bears is closing prices below solid support at theOctober low of $16.435. First resistance is seen at last week's high of $17.32and then at $17.50. Next support is seen at $17.00 and then at $16.865.Wyckoff's Market Rating: 6.0.
March N.Y. copper closed down 5 points at 322.85 cents today. Prices closed nearmid-range today. The copper bulls still have the firm overall near-termtechnical advantage. Copper bulls' next upside price objective is pushing andclosing prices above solid technical resistance at 335.00 cents. The nextdownside price objective for the bears is closing prices below solid technicalsupport at 310.00 cents. First resistance is seen at 327.50 cents and then at330.00 cents. First support is seen at today's low of 322.05 cents and then at320.00 cents. Wyckoff's Market Rating: 7.0.
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.