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Gold, Silver At 3-Wk Highs; Bullish Momentum Builds

(Kitco News) - Gold and silver prices are higher and hit three-week highs in early U.S. trading Monday. Safe-haven demand continues to trickle into these markets despite no new, major developments on the geopolitical front over the weekend. Gold and silver markets are in fledgling price uptrends which is inviting fresh chart-based buying interest. December Comex gold was last up $3.00 an ounce at $1,307.60. December Comex silver was last up $0.054 at $17.465 an ounce.

Reports overnight said Iraqi troops have taken control of key oil installations that were controlled by the Kurds. This news has somewhat supported the crude oil market but has not had a significant impact on other markets. Nymex crude prices are trading just above $52.00 a barrel.

The other key “outside market” on Monday morning sees the U.S. dollar index slightly higher.

China this week starts its twice-a-decade Party Congress meetings, in which major economic and cultural planning initiatives are laid out for the next five years. Traders and investors will keep a close watch for any pronouncements coming out of those meetings.

In other other overnight news, the Euro zone reported its exports were up 2.5% in August from July, while imports were up by only 0.4%.

U.S. economic data due for release Monday is light and includes the Empire State manufacturing survey.

Live 24 hours gold chart [Kitco Inc.]

Technically, December gold futures bulls have the overall near-term technical advantage. Bulls’ next upside technical objective is pushing and closing prices above chart resistance at $1,325.00. Bears' next near-term downside price breakout objective is closing prices below solid technical support at $1,280.00. First support is seen at 1,300.00 and then at Friday’s low of $1,292.90. First resistance is seen at 1,310.00 and then at $1,317.00. Wyckoff’s Market Rating: 6.0

Live 24 hours silver chart [ Kitco Inc. ]

December silver bulls have the overall near-term technical advantage. The next upside price breakout objective is closing futures prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the October low of $16.345. First resistance is seen at $17.50 and then at $17.70. Next support is seen at $17.20 and then at $17.00. Wyckoff's Market Rating: 6.0.

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