Gold Slightly Up As U.S. Dollar Fades
(Kitco News) - Gold prices areslightly higher in midday U.S. trading Tuesday. Prices did poke back above$1,200.00 overnight, as the U.S. dollar is under pressure today after PresidentTrump expressed disappointment with the Federal Reserve. This week the gold andsilver market bears are showing signs of exhaustion, to suggest near-termmarket bottoms are in place. December gold futures were last up $2.10 an ounceat $1,196.70. September Comex silver was last up $0.075 at $14.745 an ounce.
Thefeature in the marketplace today was a lower U.S. dollar index in the wake ofremarks from Trump to supporters criticizing the Federal Reserve for raisinginterest rates. Trump reportedly said Fed Chairman Jay Powell is not doing thejob the president had hoped he'd do, according to Reuters. The Fed has raisedU.S. interest rates twice this year and is likely to raise them at least onemore time this year.
Tradersare now looking ahead to Wednesday afternoon's FOMC minutes, to be released at2:00 p.m. EDT. In recent months, the minutes have moved the markets.
Anotherhighlight of the trading week will be the annual meeting of world centralbankers in Jackson Hole, Wyoming, late this week.
Theother key outside market today find October Nymex crude oil futures priceshigher and trading just above $66.00 a barrel.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically,gold bears still have the overall near-term technical advantage amid a pricedowntrend on the daily bar chart. Gold bulls' next upside near-term pricebreakout objective is to produce a close in December futures above solidresistance at $1,226.00. Bears' next near-term downside price breakoutobjective is pushing prices below solid technical support at last week's low of$1,167.10. First resistance is seen at today's high of $1,203.10 and then at$1,212.50. First support is seen at Monday's low of $1,189.60 and then at$1,180.00. Wyckoff's Market Rating: 2.5
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
Septembersilver futures bears still have the overall near-term technical advantage.Silver bulls' next upside price breakout objective is closing prices abovesolid technical resistance at $15.50 an ounce. The next downside price breakoutobjective for the bears is closing prices below solid support at $14.00. Firstresistance is seen at the overnight high of $14.83 and then at $15.00. Nextsupport is seen at $14.50 and then at last week's low of $14.315 and then at$14.25. Wyckoff's Market Rating: 2.5.
By Jim WyckoffFor Kitco News
Follow @jimwyckoff
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.