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Wednesday, November 7, 2018 - 2:40:13 PM
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Mining News Pro - Gold and silver prices are slightly higher, but well down from earlier daily highs, in early-afternoon U.S. trading Wednesday. The metals were lifted by a drop in the U.S. dollar index today. December gold futures were last up $2.40 an ounce at $1,228.70. December Comex silver was last up $0.08 at $14.58 an ounce.
According to Mining News Pro -Gold and silver prices are slightly higher, but well down from earlier daily highs, in early-afternoon U.S. trading Wednesday. The metals were lifted by a drop in the U.S. dollar index today. December gold futures were last up $2.40 an ounce at $1,228.70. December Comex silver was last up $0.08 at $14.58 an ounce.
Tuesday’s U.S. mid-term elections turned out as many had expected and saw the Republicans maintain control of the Senate but the Democrats gained control of the House of Representatives. The world marketplace appears comfortable with a split U.S. Congress and likely gridlock on major new legislation over the next two years.
The U.S. dollar index was weaker today on ideas any new Trump fiscal policy proposals that would be pro-growth and pro-business will get mired down in Congress and die. Much of the greenback’s strength in previous months came from the Trump administration’s pro-business policies.
With the U.S. elections out of the way, focus has turned to the Federal Reserve’s Open Market Committee (FOMC) meeting that began this morning and ends with a statement Thursday afternoon. No change in U.S. interest rates is expected at this meeting. As always, traders will scrutinize wording of the FOMC statement and Chairman Jay Powell’s remarks at his press conference, for clues on the future direction and timing of U.S. monetary policy.
The other key “outside market” today finds Nymex crude oil prices weaker and trading just below $62.00 a barrel.
echnically, the gold market bulls and bears are on a level overall near-term technical playing field. Gold bulls` next upside near-term price breakout objective is to produce a close above solid technical resistance at the October high of $1,246.00. Bears` next near-term downside price breakout objective is pushing prices below solid technical support at last week’s low of $1,213.40. First resistance is seen at today’s high of $1,238.40 and then at $1,246.00. First support is seen at today’s low of $1,224.20 and then at $1,220.00. Wyckoff`s Market Rating: 5.0
The silver bears have the overall near-term technical advantage, but recent price action suggests a market low was put in place in September. Silver bulls` next upside price breakout objective is closing December futures prices above solid technical resistance at $15.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the September low of $13.965. First resistance is seen at this week’s high of $14.775 and then at the October high of $14.95. Next support is seen at today’s low of $14.475 and then at last week’s low of $14.24. Wyckoff`s Market Rating: 3.0.
December N.Y. copper closed up 120 points at 274.45 cents today. Prices closed near mid-range. The copper bears still have the 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 287.10 cents. The next downside price objective for the bears is closing prices below solid technical support at the August low of 257.45 cents. First resistance is seen at today’s high of 277.30 cents and then at 280.00 cents. First support is seen at this week’s low of 272.40 cents and then at 270.00 cents. Wyckoff`s Market Rating: 3.0.
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