Gold and silver prices slip to 3-mo. lows at chart-based sellers emboldened
New York (Nov 11) Gold and silver prices are lower in midday U.S. trading Monday. Both markets dropped to three-month lows today as their near-term technical postures have deteriorated significantly just recently. That’s inviting some new chart-based sellers into the futures markets. December gold futures were last down $6.10 an ounce at 1,456.80. December Comex silver prices were last down $0.033 at $16.79 an ounce.
U.S. stock indexes are mixed at midday but not far below their recent record highs. The bull market run in the U.S. stock market is a bearish factor that is keeping money from flowing into the safe-haven metals.
The U.S. government is closed today, as is the cash U.S. Treasury market, for the Veterans Day holiday.
The civil unrest in Hong Kong escalated over the weekend. That has Asian equity markets more uneasy. One protester was reportedly shot by police and is in serious condition. A further escalation of this situation would likely prompt some demand for safe-haven gold and silver.
There were no new developments on the U.S.-China trade war front over the weekend. President Trump on Friday sounded a bit less upbeat on the situation than news reports were suggesting late last week. Still, Trump said the trade talks were going “very nicely” but added the U.S. is not rolling back all of the import tariffs on Chinese products.
The key “outside markets” today see the U.S. dollar index lower. Nymex crude oil prices are lower and trading around $57.00 a barrel.
There was no U.S. economic data released Monday as the government was closed for a holiday.
Technically, December gold futures prices were near mid-range at midday today. The bears have the overall near-term technical advantage as prices have been trending lower for two months. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,500.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,425.00.
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