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Silver price rises to yearly high

(Kitco News) – Gold prices are slightly up and the silver market is posting good gains and hit a 12-month high in midday U.S. trading Wednesday. The precious metals bulls continue to enjoy very constructive price charts that are inviting traders to the long side of the markets. August gold futures were last up $1.10 an ounce at 1,422.90. September Comex silver prices were last up $0.134 at $16.61 an ounce.

The mainstream business media is starting to pick up on the recent rallies in gold and silver markets. The Wall Street Journal just ran a feature story entitled, “Gold’s Luster is Spreading to Other Precious Metals.” At first blush, a metals trader could view this as bullish, as it gives the metals more exposure to potential traders/investors. That may well be true. However, long-time market watchers also remember the old trading adage that says when the general public starts to pick up on a market’s significant price move, that move is then probably near an end.

U.S. trader and investor attitudes are still generally upbeat at mid-week on news the U.S. and China have restarted their heretofore stalled trade talks, with U.S. officials traveling to China soon for fresh negotiations.

In focus now is the European Central Bank’s regular monetary policy meeting on Thursday. The ECB is expected to lean easily on its monetary policy. Next week, the U.S. Federal Reserve’s Open Market Committee (FOMC) has its monetary policy meeting and is also expected to ease its monetary policy.

The key “outside markets” today see Nymex crude oil prices near steady and trading around $56.80 a barrel. Meantime, the U.S. dollar index is slightly weaker after hitting a five-week high overnight.  

Technically, August gold futures prices closed near mid-range again today. The bulls have the firm overall near-term technical advantage and are keeping in place a two-month-old uptrend on the daily bar chart. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the July high of $1,454.40. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at the July low of $1,384.70. First resistance is seen at this week’s high of $1,431.40 and then at $1,442.00. First support is seen at this week’s low of $1,414.60 and then at $1,410.00. Wyckoff’s Market Rating: 7.5

September silver futures prices closed nearer the session high and hit a 12-month high today. The silver bulls have the solid overall near-term technical advantage and gained more power today. Prices are in an accelerating seven-week-old uptrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $17.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $15.835. First resistance is seen at today’s high of $16.68 and then at $16.75. Next support is seen at today’s low of $16.35 and then at this week’s low of $16.195. Wyckoff’s Market Rating: 8.0.

September N.Y. copper closed up 95 points at 271.00 cents today. Prices closed near mid-range today. The copper bulls and bears are on a level overall near-term technical playing field. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the last week’s high of 280.30 cents. The next downside price objective for the bears is closing prices below solid technical support at the June low of 259.95 cents. First resistance is seen at Tuesday’s high of 273.00 cents and then at this week’s high of 275.95 cents. First support is seen at this week’s low of 268.75 cents and then at 265.00 cents. Wyckoff’s Market Rating: 5.0.

Source: Kitco

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