Comex December gold futures ended the U.S. day session solidly higher Wednesday. Prices hit a fresh three-week high as gold market bulls have gained upside technical momentum recently. A sharply lower U.S. dollar index Wednesday was the bullish outside force for the precious metals. December gold last traded up $21.60 at $1,682.60 an ounce. Spot gold last traded up $17.60 an ounce at $1,681.50. December Comex silver last traded up $0.797 at $32.795 an ounce.
The U.S. dollar index traded sharply lower Wednesday and hit a fresh three-week low. The dollar index bulls are fading fast and near-term chart damage has been inflicted to suggest quarry crusher the index has put in a near-term market top. That is a significantly bullish development for the precious metals market bulls. Crude oil futures prices are traded choppy and near steady levels Wednesday. Still, crude oil bulls have some upside technical momentum to suggest that prices can trade sideways to higher in the near term. This is also a bullish scenario for the precious metals .
Strong recent physical demand for gold coming out of Asia has supported higher prices. The festival season in India finds stronger demand for physical gold coming out of that nation.
U.S. and European stock markets were higher Wednesday despite a Slovakian no vote on expanded the European Union bailout mechanism. The Slovak vote was the last country of the 17 EU members to vote. Many reckoned the Slovaks would vote down the bailout expansion, but another vote is expected soon and the measure is expected to pass this time. The market place ostensibly ignored the Slovak no vote. This suggests investor risk appetite has increased recently and that investors are trying to move past the EU debt crisis. Still, the EU debt crisis is far from being fully repaired and it remains a bullish underlying factor for gold.
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The London P.M. gold fixing was $1,682.00 versus the previous P.M. fixing of $1,663.00.
Technically, December gold futures prices closed nearer the session high Wednesday and hit another fresh three-week high. Bulls have gained good upside near-term technical momentum recently and have regained the slight near-term technical advantage. Prices have been trending higher on the daily chart for three weeks. Bulls' next upside technical objective is to produce a close above solid technical resistance at $1,705.40. Bears' next near-term downside price objective is closing prices below psychological Rock Crusher support at $1,600.00. First resistance is seen at Wednesday's high of $1,693.90 and then at $1,705.40. First support is seen at Wednesday's low of $1,662.00 and then at $1,650.50. Wyckoff's Market Rating: 5.5.
December silver futures prices closed nearer the session high Wednesday and hit a fresh three-week high. Silver bulls and bears are on a level near-term technical playing field. Silver bulls' next upside price objective is producing a close above strong technical resistance vertical mill at $33.585 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at last week's low of $28.435. First resistance is seen at Wednesday's high of $33.10 and then at $33.585. Next support is seen at $32.50 and then at $32.00. Wyckoff's Market Rating: 5.0.
December N.Y. copper closed up 965 points 338.70 cents Wednesday. mobile crushers plant for sale Prices closed nearer the session high and hit a fresh two-week high. More short covering was featured and the market was also boosted by a sharply lower U.S. dollar index. Copper bears still have the overall near-term technical advantage as a nine-week-old downtrend is still in place on the daily bar chart. 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 solid technical support at 300.00 cents. First resistance is seen at Wednesday's high of 341.15 cents and then at 345.00 cents. First support is seen at 335.00 cents and then at 330.00 cents. Wyckoff's Market Rating: 3.5.
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