(Kitco News) - Gold prices ended a quieter trading session near steady Monday. Buying interest was limited by better trader and investor risk appetite in the marketplace on this day. However, the gold and silver markets are seeing their downsides limited by notions that raw commodity sector leader crude oil may have put in a market bottom, which would be a bullish clue for the entire sector, including the precious metals. Other raw commodity markets, such as copper, are also showing early bottoming clues. December Comex gold was last down $0.20 at $1,121.30 an ounce. December Comex silver was last up $0.186 at $14.735 an ounce.

World stock markets were mixed Tuesday—the first day of the trading week for the U.S. after a long holiday weekend. China’s Shanghai stock index was up 2.9% Tuesday after a drop of 2.5% on Monday. Japan’s Nikkei stock index fell to a seven-month low Tuesday and was down 2.4% on the day. U.S. stock indexes were sharply higher in early afternoon trading. Look for more volatile trading this week, following the recent market turbulence.

The eyes of the world marketplace remain on China, and there was more downbeat economic data coming out of the world’s second-largest economy Tuesday. China’s exports were down 5.5% in August, year-on-year, while imports were down 13.8% in the same period. The imports figure was in line with expectations but the exports figure was much weaker than expected.

In the Euro zone, revised second-quarter gross domestic product came in at 0.4% from the first quarter and up 1.5% year-on-year. The numbers were slightly better than forecasts.

Focus of the marketplace is looking ahead to next week’s Federal Open Market Committee (FOMC) meeting. There is no clear consensus among traders and investors whether the Fed will make an interest rate hike at next week’s meeting, or wait until December, or later.

The London P.M. gold fix today was $1,121.15 versus the previous London A.M. fixing of $1,120.85.

Technically, December gold futures prices closed nearer the session high and did poke to a three-week low in overnight trading. Gold bears have the firm overall near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the September high of $1,147.30. Bears' next near-term downside price breakout objective is closing prices below solid technical support at $1,100.00. First resistance is seen at today’s high of $1,126.00 and then at $1,133.30. First support is seen at today’s low of $1,114.70 and then at $1,110.00. Wyckoff’s Market Rating: 2.5

December silver futures prices closed nearer the session high today and scored a mildly bullish “outside day” up on the daily bar chart. Short covering in a bear market was featured. Silver bears still have the solid overall near-term technical advantage. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at the August high of $15.77 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $13.50. First resistance is seen at today’s high of $14.88 and then at $15.00. Next support is seen at today’s low of $14.44 and then at last week’s low of $14.39. Wyckoff's Market Rating: 2.0.

December N.Y. copper closed up 1,195 points at 243.15 cents today. Prices closed nearer the session high and hit a six-week high today. Bulls gained upside momentum today to suggest that a market bottom is in place. Heavy short covering was featured. Copper bears still have the overall near-term technical advantage. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at 250.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the August low of 220.25 cents. First resistance is seen at today’s high of 244.80 cents and then at 247.50 cents. First support is seen at 240.00 cents and then at 237.50 cents. Wyckoff's Market Rating: 3.0.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Follow me on Twitter @jimwyckoff

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