Senior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
- Gold and silver prices are weaker in early U.S. trading Monday, on normal downside corrections following last week's solid gains. Rising U.S. Treasury yields to start the trading week are also a bearish daily outside market element for the precious metals markets. Don't be surprised to see bulls working to “buy the dip” amid still-elevated risk aversion in the general marketplace. December gold was last down $13.30 at $1,928.20 and December silver was down $0.13 at $22.765.
Marketplace focus is also on China's economy. Broker SP Angel said today in an email dispatch that China's yuan currency is under pressure as Chinese officials continue to move to restrict cash outflows. The “carry trade” continues to draw capital out of China and into the U.S. dollar, with a U.S.-China yield gap of 1.9% on in the 10-year government bonds.
The key outside markets today see the U.S. dollar index weaker. Nymex crude oil prices are near steady and trading around $87.75 a barrel. The yield on the benchmark U.S. Treasury 10-year note yield is presently fetching 4.689%. Technically, the gold futures bears still have the overall near-term technical advantage. However, bulls still have some momentum and recent price action suggests a market bottom is in place. Prices are still in a four-month-old downtrend on the daily bar chart, but just barely. Bulls' next upside price objective is to produce a close in December futures above solid resistance at $2,000.00.
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