Gold Price Near Steady In Quiet Trading As Holidays Approach

New York (Dec 21)  Gold prices ended the U.S. day session near steady in very slow trading Wednesday. There was no major news today to impact the markets. Trading activity is starting to wind down ahead of the Christmas holiday on Sunday. Look for even quieter price action Thursday and Friday, barring any unexpected geopolitical developments. February Comex gold was last down $0.20 an ounce at $1,133.40. March Comex silver was last down $0.137 at $15.985 an ounce.

The key “outside markets” on Wednesday saw Nymex crude oil prices trade weaker after a higher start to the session. The Nymex oil bulls continue to struggle when prices are above the $50-a-barrel level. Meantime, the U.S. dollar index was modestly lower on some profit taking after the index hit a 13-year high on Tuesday.

Technically, February gold futures prices closed near mid-range. The gold bears have the solid overall near-term technical advantage. There are no early clues of a market bottom. Prices are in a six-month-old downtrend on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,168.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,100.00. First resistance is seen at this week’s high of $1,144.40 and then at $1,150.00. First support is seen at last week’s low of $1,124.30 and then at $1,120.00. Wyckoff's Market Rating: 1.5

Live 24 hours silver chart [ Kitco Inc. ]

March silver futures prices closed nearer the session low today. The silver market bears have the solid overall near-term technical advantage. However, Tuesday’s high-range close suggests the bears may be exhausted. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $17.00 an ounce.

Soiurce: KitcoNews