P.M. Kitco Metals Roundup: Gold Up on Safe-Haven Demand, Bullish Technicals
(Kitco News) - Gold prices ended the U.S. day session moderately higher Tuesday, on some more safe-haven demand that surfaced amid the simmering geopolitical situation in Ukraine. Chart-based buying was also seen as the near-term technical posture for gold remains bullish.
Gold prices are hovering not far below their recent four-month highs. April gold was last up $6.20 at $1,347.70 an ounce. Spot gold was last quoted up $7.80 at $1,348.00. May Comex silver last traded down $0.07 at $20.84 an ounce.
The Ukraine matter is still a worry among traders and investors and has moved closer to the front burner of the market place. Russian president Putin has spurned a U.S. proposal to defuse the crisis, reports said. Last weekend Putin said he would back the Crimean region seceding from Ukraine. U.S. and German officials have rebuked Putin, and reports said the European Union is set to discuss this week sanctions against Russia. A vote on the Crimean secession is scheduled for March 16, and that could be the next flashpoint in the region. The Russian occupation of Crimea is a bullish factor for the safe-haven gold market.
U.S. economic data released Tuesday was on the light side and failed to move the markets. Traders are looking ahead to next week’s meeting of the U.S. Federal Reserve’s Open Market Committee (FOMC).
The London P.M. gold fix is $1,346.25 versus the previous P.M. fixing of $1,344.00.
Technically, April gold futures closed near mid-range Tuesday. A 2.5-month-old uptrend is in place on the daily bar chart. Bulls have the overall near-term technical advantage. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the March high of $1,355.00. Bears' next near-term downside breakout price objective is closing prices below solid technical support at $1,318.70. First resistance is seen at $1,355.00 and then at $1,360.00. First support is seen at Tuesday’s low of $1,337.80 and then at $1,330.00. Wyckoff’s Market Rating: 6.5
May silver futures prices closed nearer the session low Tuesday and closed at a fresh four-week low close. The bears have the slight near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the March high of $21.74 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $20.00. First resistance is seen at $21.00 and then at Tuesday’s high of $21.325. Next support is seen at this week’s low of $20.61 and then at $20.25. Wyckoff's Market Rating: 4.5.
May N.Y. copper closed down 760 points at 295.55 cents Tuesday. Prices closed nearer the session low and slumped to a fresh contract and nearly four-year low. Weak economic data coming from China over the weekend has helped to sink the copper market. Prices are in an accelerating 10-week-old downtrend on the daily bar chart. Bears have the solid near-term technical advantage. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at this week’s high of 307.75 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 290.00 cents. First resistance is seen at 297.50 cents and then at 300.00 cents. First support is seen at Tuesday’s contract low of 294.20 cents and then at 292.50 cents. Wyckoff's Market Rating: 1.0.
By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow me on Twitter @jimwyckoff
Gold prices are hovering not far below their recent four-month highs. April gold was last up $6.20 at $1,347.70 an ounce. Spot gold was last quoted up $7.80 at $1,348.00. May Comex silver last traded down $0.07 at $20.84 an ounce.
The Ukraine matter is still a worry among traders and investors and has moved closer to the front burner of the market place. Russian president Putin has spurned a U.S. proposal to defuse the crisis, reports said. Last weekend Putin said he would back the Crimean region seceding from Ukraine. U.S. and German officials have rebuked Putin, and reports said the European Union is set to discuss this week sanctions against Russia. A vote on the Crimean secession is scheduled for March 16, and that could be the next flashpoint in the region. The Russian occupation of Crimea is a bullish factor for the safe-haven gold market.
U.S. economic data released Tuesday was on the light side and failed to move the markets. Traders are looking ahead to next week’s meeting of the U.S. Federal Reserve’s Open Market Committee (FOMC).
The London P.M. gold fix is $1,346.25 versus the previous P.M. fixing of $1,344.00.
Technically, April gold futures closed near mid-range Tuesday. A 2.5-month-old uptrend is in place on the daily bar chart. Bulls have the overall near-term technical advantage. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the March high of $1,355.00. Bears' next near-term downside breakout price objective is closing prices below solid technical support at $1,318.70. First resistance is seen at $1,355.00 and then at $1,360.00. First support is seen at Tuesday’s low of $1,337.80 and then at $1,330.00. Wyckoff’s Market Rating: 6.5
May silver futures prices closed nearer the session low Tuesday and closed at a fresh four-week low close. The bears have the slight near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the March high of $21.74 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $20.00. First resistance is seen at $21.00 and then at Tuesday’s high of $21.325. Next support is seen at this week’s low of $20.61 and then at $20.25. Wyckoff's Market Rating: 4.5.
May N.Y. copper closed down 760 points at 295.55 cents Tuesday. Prices closed nearer the session low and slumped to a fresh contract and nearly four-year low. Weak economic data coming from China over the weekend has helped to sink the copper market. Prices are in an accelerating 10-week-old downtrend on the daily bar chart. Bears have the solid near-term technical advantage. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at this week’s high of 307.75 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 290.00 cents. First resistance is seen at 297.50 cents and then at 300.00 cents. First support is seen at Tuesday’s contract low of 294.20 cents and then at 292.50 cents. Wyckoff's Market Rating: 1.0.
By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow me on Twitter @jimwyckoff
Source : Kitco.com
No comments:
Post a Comment