(Kitco News) -Comex February gold futures prices ended the U.S. day session higher and near the daily high Wednesday. Bargain hunters stepped in to buy the recent dip in prices, as has been the case for quite some time during the uptrend bulls are enjoying in the precious yellow metal. Short covering was also featured Wednesday. February gold last traded up $13.20 at $1,745.00 an ounce. Spot gold last traded up $12.00 an ounce at $1,742.00. March Comex silver last traded down $0.114 at $32.63 an ounce.
The market place is still looking to the ongoing European Union debt crisis and the latest developments coming from EU and IMF. There is an important EU summit meeting Friday that is the latest “very important meeting” to surface in this seemingly never-ending debacle. Talk in the market place now is that Germany is dragging its feet on any firm decisions coming out of Friday’s meetings. The general tenor of the market place, regarding the EU situation, is a bit calmer this week than in recent weeks. More and more traders and investors are reckoning the worst may now be past regarding the EU debt crisis.
The U.S. dollar index backed down from its daily high and fell below unchanged in midday trading Wednesday and that was a bullish factor for the precious metals. The dollar index bulls do still have the overall near-term technical advantage. Crude oil prices traded weaker Wednesday, which was a negative outside market factor for metals today. However, crude oil prices are still above $100.00 a barrel and crude oil bulls have the overall technical advantage which is still an underlying overall bullish factor for the precious metals.
The London P.M. gold fixing was $1,735.50 versus the previous P.M. fixing of $1,708.00.
Technically, February gold futures prices closed near the session high Wednesday. Bulls still have the overall near-term technical advantage. A 10-week-old uptrend is in place on the daily bar chart. Bulls' next upside technical breakout objective is to produce a close above solid technical resistance at last week’s high of $1,767.10. Bears' next near-term downside price objective is closing prices below psychological support at $1,700.00. First resistance is seen at $1,750.00 and then at $1,767.10. First support is seen at Wednesday’s low of $1,723.60 and then at this week’s low of $1,705.70. Wyckoff's Market Rating: 6.0.
March silver futures prices closed near mid-range Wednesday. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $34.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at the November low of $30.74. First resistance is seen at this week’s high of $33.085 and then at $33.50. Next support is seen at Wednesday’s low of $32.265 and then at $32.00. Wyckoff's Market Rating: 5.0.
March N.Y. copper closed down 210 points 355.45 cents Wednesday. Prices closed near mid-range. Bulls and bears are on a level near-term technical playing field. A minor bullish pennant pattern has formed on the daily bar chart. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at the October high of 376.80 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the November low of 321.85 cents. First resistance is seen at this week’s high of 363.60 cents and then at last week’s high of 367.40 cents. First support is seen at today’s low of 352.15 cents and then at 350.00 cents. Wyckoff's Market Rating: 5.0.
Source; http://www.kitco.com/reports/KitcoNews20111207JW_PM.html
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