Gold Price Ends Near Unchanged in Quieter Summertime Trading
New York (Jun 25) Gold prices ended the U.S. day session near steady Thursday. There is not much new in the market place this week, which is allowing the chart-based traders to control gold and silver—and the charts are bearish. August Comex gold was last down $0.80 at $1,172.10 an ounce. September Comex silver was last down $0.05 at $15.84 an ounce.
With not much happening in the market place this week, the Greece-European Union debt restructuring/bailout talks are the topic of discussion by default. The talks are down to the 11th hour (again). Reports said Greece and its lenders are submitting two drafts to a summit of EU leaders in Brussels taking place Thursday and Friday. The prospects for a deal have dimmed late this week after some hope earlier this week a deal would soon be reached. A Wall Street Journal report Wednesday said there is still a wide gap between the two sides. Germany is the most vocal critic of Greece’s proposals, saying they don’t go far enough on austerity measures. Greece’s present arrangement with its EU/IMF creditors expires on June 30—at which time Greece could run out of cash and be in default on its loans.
China’s central bank injected liquidity into its financial system Thursday, for the first time in over two months. The move is meant to lower borrowing costs for consumers and businesses. Some are reading this modest move by China’s central bank as suggesting further, more aggressive monetary policy easing may not occur. Markets paid little attention to the news.
The London P.M. gold fix is $1,172.65 versus the previous A.M. fix of $1,174.60.
Technically, August gold futures prices closed nearer the session low and closed at a three-week low close today. Gold bears have the firm overall near-term technical advantage and are gaining downside momentum this week. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,190.00. Bears' next near-term downside price breakout objective is closing prices below solid technical support at the June low of $1,162.10. First resistance is seen at today’s high of $1,177.30 and then at $1,180.00. First support is seen at this week’s low of $1,168.10 and then at $1,162.10. Wyckoff’s Market Rating: 2.0
September silver futures prices closed near mid-range. Silver bears have the firm overall near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $16.46 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the March low of $15.38. First resistance is seen at $16.00 and then at this week’s high of $16.26. Next support is seen at this week’s low of $15.70 and then at the April low of $15.655. Wyckoff's Market Rating: 2.0.
September N.Y. copper closed down 75 points at 261.75 cents today. Prices closed nearer the session high today. Copper bears have the firm near-term technical advantage. Prices are in a six-week-old downtrend on the daily bar chart. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at the June high of 276.90 cents.
Source: KitcoNews
