(Kitco News) – Gold and silver prices were slightly lower in early-afternoon U.S. trading Wednesday, on mild corrective pullbacks from good gains scored earlier this week. Prices were off their daily lows, however. This afternoon’s FOMC minutes report contained no big surprises, which did allow gold and silver prices to erase some of their losses. Some market watchers were worried the FOMC minutes would sound a more hawkish tone. December Comex gold was last down $2.70 an ounce at $1,291.10. December Comex silver was last down $0.052 at $17.16 an ounce.
The minutes from the latest FOMC meeting saw members generally agreeing that a 0.25% December interest rate hike is in the cards. There was not any wording on inflation or the U.S. labor market that traders deemed to be market-sensitive.
The U.S. stock and bond markets did not see significant price moves after the FOMC minutes’ release, either.
U.S. stock indexes are at or near record highs this week. Japan’s Nikkei stock index hit a 21-year high Wednesday. While gold had seen some safe-haven demand earlier this week, amid geopolitical tensions that include the U.S.-North Korea stand-off and a region of Spain wanting to secede, the world stock markets are so far not exhibiting much risk aversion at all.
The U.S. dollar indexx was lower again Wednesday. The greenback continues this week’s slide. Such has been an underlying bullish element for the precious metals markets.
The other key outside market on Wednesday saw Nymex crude oil futures prices firmer and trading just above $51.00 a barrel.
Technically, December gold futures prices closed nearer the session low today. Bears have the overall near-term technical advantage. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,300.00. Bears’ next near-term downside price breakout objective is pushing prices below solid technical support at last week’s low of $1,262.80. First resistance is seen at this week’s high of $1,296.70 and then at $1,300.00. First support is seen at Tuesday’s low of $1,284.60 and then at this week’s low of $1,277.70. Wyckoff’s Market Rating: 4.0
December silver futures prices closed near mid-range today. The silver bulls and bears are on a level overall near-term technical playing field. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at last week’s low of $16.345. First resistance is seen at this week’s high of $17.28 and then at $17.50. Next support is seen at $17.00 and then at this week’s low of $16.765. Wyckoff’s Market Rating: 5.0.
December N.Y. copper closed up 350 points at 309.55 cents today. Prices closed near the session high and hit another four-week high today. The copper bulls have the solid overall near-term technical advantage. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the September high of 317.85 cents. The next downside price objective for the bears is closing prices below solid technical support at 290.00 cents. First resistance is seen at 310.00 cents and then at 312.50 cents. First support is seen at today’s low of 305.25 cents and then at this week’s low of 301.20 cents. Wyckoff’s Market Rating: 7.5.
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