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Gold shows early signs of a market bottom

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(Kitco News) – Gold prices are slightly higher at midday in the US on Monday, but mostly held on to Friday’s strong gains which included a technically bullish weekly close which is a graphical hint that a market bottom is in place. Silver prices are firmer and hit a four-week high today. The decline in the US Dollar Index was a daily bullish factor for metals markets at the start of the trading week. december gold was up $4.70 to $1,681.40 and December silver was up $0.161 to $20.945.

Global stock markets were mostly higher overnight. US stock indices are mixed at midday. It will be another busy week of corporate earnings reports. However, the focus is now on Tuesday’s US midterm elections.

In overnight news, Chinese exports in October fell 0.3%, year-on-year, the worst performance since May 2020. Chinese imports fell 0.7% over the same period. Over the weekend, Chinese health officials said they were sticking to their “zero-Covid” policy despite widespread rumors to the contrary.




Major overseas markets are seeing the US dollar index drop today. Nymex crude oil prices are firmer, hit a nine-week high and are trading around $93.25 a barrel. The 10-year US Treasury yields about 4.1%.

Technically, bearish gold futures have the overall short-term technical advantage. However, a downward price trend on the daily bar chart was undone and last Friday saw the close of a weekly bullish high. These are technical clues that a market bottom is in place. The Bulls’ next upside price objective is to produce a close above the strong resistance at $1,700.00. Bears next short-term downside price objective is to push futures prices below strong technical support at $1,600.00. First resistance is seen at last week’s high at $1,686.40 and then at $1,700.00. First support is seen at today’s low of $1,670.00 and then at $1,650.00. Wyckoff Market Rating: 2.5.

24 hour live money chart [ Kitco Inc. ]

December silver futures prices hit a four-week high today. Silver bulls have the overall short-term technical advantage. Prices are in a choppy two-month uptrend on the daily bar chart. The next upside price objective for silver bulls is to close prices above strong technical resistance at the October high of $21.31. The next downside price objective for the bears is to close prices below the strong support at $19.00. First resistance is seen at today’s high of $21.08 and then at $21.31. Next support is seen at today’s low of $20.435 and then at $20.00. Wyckoff Market Rating: 6.0.

December New York Copper closed 995 points at 358.70 cents today. Prices closed near the session low today. Copper bears have the overall short-term technical advantage. However, recent price action suggests that a market bottom is in place. The next upside price objective for the copper bulls is to push and close prices above strong technical resistance at the August high of 378.35 cents. The next downside price target for the bears is for prices to close below strong technical support at the September low of 324.30 cents. First resistance is seen at today’s high of 366.05 cents and then at last week’s high of 370.85 cents. First support is seen at 350.00 cents and then at 340.00 cents. Wyckoff Market Rating: 4.0.



Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. This is not a solicitation to trade commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no responsibility for loss and/or damage resulting from the use of this publication.