(Kitco News) - Comex February gold futures prices ended the U.S. day session modestly lower Thursday. The precious metals are seeing some consolidation, some tepid bargain-hunting buying, some short covering and some position-squaring-selling as the year winds down. That is making for trading action that is choppy and lackluster. Look for the precious metals and most other markets to experience more quiet, low-volume trading until after the holidays. February gold last traded down $5.00 at $1,608.60 an ounce. Spot gold last traded down $7.90 an ounce at $1,607.50. March Comex silver last traded down $0.149 at $29.10 an ounce.
There were no fresh, major overnight developments on the European Union debt crisis front. The U.S. GDP report Thursday was a bit weaker than expected, but had little impact on the precious metals markets.
The U.S. dollar index traded steady to weaker Thursday, which did limit selling pressure in the precious metals. The dollar index has been and likely will continue to be the major “outside market” force for the precious metals. Dollar index bulls still have the overall near-term technical advantage. That remains a bearish underlying factor for gold and silver.
Crude oil prices traded higher Thursday and poked above major psychological resistance at the $100.00 level. The crude bulls have had a very good week. The firmer crude oil prices and the better technical posture of the oil market this week are a bullish factor for the precious metals.
The London P.M. gold fixing was $1,606.50 versus the previous P.M. fixing of $1,608.00.
Technically, February gold futures prices closed near mid-range Thursday. Prices are still in a six-week-old downtrend on the daily bar chart. Bulls' next upside technical breakout objective is to produce a close above solid technical resistance at $1,650.00. Bears' next near-term downside price objective is closing prices below solid technical support at the December low of $1,562.50. First resistance is seen at Thursday’s high of $1,618.60 and then at $1,625.00. First support is seen at Thursday’s low of $1,599.10 and then at this week’s low of $1,585.50. Wyckoff's Market Rating: 4.0.
March silver futures prices closed near the session low in consolidative trading. Silver prices are in a six-week-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $31.00 an ounce. The next downside price breakout objective for the bears is closing prices below major technical support at the September low of $26.185. First resistance is seen at Thursday’s high of $29.685 and then at $30.00. Next support is seen at Thursday’s low of $29.00 and then at this week’s low of $28.68. Wyckoff's Market Rating: 3.5.
March N.Y. copper closed up 290 points 342.35 cents Thursday. Prices closed near the session high on more short covering. The key “outside markets” were bullish for copper Thursday, as the U.S. dollar index was weaker, while crude oil and the U.S. stock indexes were higher. Copper bears still have the slight overall near-term technical advantage. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at 350.00 cents. The next downside price breakout objective for the bears is closing prices below major psychological support at the November low of 323.25 cents. First resistance is seen at this week’s high of 343.70 cents and then at 345.00 cents. First support is seen at today’s low of 336.00 cents and then at 332.50 cents. Wyckoff's Market Rating: 4.5.
Source; http://www.kitco.com/reports/KitcoNews20111222JW_pm.html
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