Gold prices on Tuesday, November 29, ended lower, as lower crude oil prices weighed on the raw commodity sector, including the precious metals markets.
Also, safe-haven gold continues to see limited buying interest amid generally optimistic trader and investor attitudes the past three weeks.
The gold and silver charts are also firmly in the bearish technicals camp. February Comex gold was last down $2.10 an ounce at $1,191.50. March Comex silver was last up $0.08 at $16.755 an ounce.
February gold futures prices closed near mid-range. The gold bears have the solid overall near-term technical advantage.
Prices are in a five-month-old downtrend on the daily bar chart. There are no early chart clues that a market bottom is close at hand.
Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,223.50.
Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at $1,150.00. First resistance is seen at this week’s high of $1,200.00 and then at $1,210.00. First support is seen at today’s low of $1,182.60 and then at last week’s low of $1,172.80.
March silver futures prices closed nearer the session high today on mild short covering after hitting a six-month low last Friday.
The silver market bears still have the solid overall near-term technical advantage. Prices are in a five-month-old downtrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $17.50 an ounce.
The next downside price breakout objective for the bears is closing prices below solid support at $16.00. First resistance is seen at this week’s high of $16.945 and then at $17.00. Next support is seen at today’s low of $16.47 and then at last week’s low of $16.245. Wyckoff’s Market Rating: 2.5.
March N.Y. copper closed down 585 points at 261.15 cents today. Prices closed nearer the session low on heavy profit taking after hitting a 17-month high on Monday. The copper bulls still have the firm overall near-term technical advantage. However, today’s price action raises the specter of a bearish double-top reversal pattern playing out on the daily bar chart. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at Monday’s high of 275.30 cents.
The next downside price objective for the bears is closing prices below solid technical support at 250.00 cents. First resistance is seen at 265.00 cents and then at today’s high of 267.70 cents. First support is seen at today’s low of 258.90 cents and then at 255.00 cents.
