Silver and copper are basically flat as investors speculate on what the Fed will do this week
New York (Oct 28) December silver futures prices closed near mid-range Monday amid chart consolidation. The bulls and bears are on a level near-term technical playing field. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $23.445 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $21.00. First resistance is seen at Monday’s high of $22.715 and then at last week’s high of $21.91. Next support is seen at Monday’s low of $22.375 and then at Friday’s low of $22.26. At 4:30pm EST spot silver was $22.50...down 5 cents on the day.
December N.Y. copper closed down 15 points at 326.75 cents Monday. Prices closed near mid-range. Bulls and bears are on a level near-term technical playing field. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the October high of 335.50 cents.