(Kitco News) - Gold and silver prices ended the U.S. day session weaker Wednesday, on some profit taking from recent gains that pushed both metals to a three-week high overnight. This afternoon’s beige book report was not a markets-mover. December Comex gold was last down $4.10 an ounce at $1,349.90. December Comex silver was last down $0.288 at $19.85 an ounce.
The Federal Reserve’s beige book said U.S. economic conditions continue to expand at a modest pace, and the Fed expects more of the same in the coming months. Traders deemed the report to contain nothing new for them to digest.
The marketplace on Wednesday was still digesting a very downbeat U.S. ISM non-manufacturing report on Tuesday that has changed the calculus of many traders and analysts, regarding the timing of the next interest rate hike from the Federal Reserve. The report helped to push gold and silver prices sharply higher on the day.
Traders and investors are awaiting Thursday’s meeting of the European Central Bank. The ECB will issue fresh economic forecasts and assessments at this meeting. The consensus for this meeting is that the ECB will make no significant moves on EU monetary policy.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
The key “outside markets” today saw crude oil prices higher, with Nymex crude hovering just below $46.00 a barrel. The U.S. dollar index traded firmer following Tuesday’s sharp losses following a downbeat U.S. ISN non-manufacturing report.
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Technically, December gold futures prices closed nearer the session low on profit taking after hitting a three-week high overnight. The gold bulls have the near-term technical advantage. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the August high of $1,374.20. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at last week’s low of $1,305.50. First resistance is seen at today’s high of $1,357.60 and then at $1,364.30. First support is seen at today’s low of $1,346.90 and then at $1,340.00. Wyckoff’s Market Rating: 6.5
December silver futures prices closed near the session low on profit taking after hitting hit a three-week high overnight. The silver market bulls have the overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the July high of $21.25 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the August low of $18.46. First resistance is seen at today’s high of $20.235 and then at $20.50. Next support is seen at $19.75 and then at this week’s low of $19.38. Wyckoff's Market Rating: 6.5.
December N.Y. copper closed up 90 points at 209.80 cents today. Prices closed near mid-range and hit a two-week high on short covering. The copper bears still have the overall near-term technical advantage. Prices are in a two-month-old downtrend on the daily bar chart. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at the 218.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the June low of 203.15 cents. First resistance is seen at today’s high of 211.20 cents and then at 213.00 cents. First support is seen at today’s low of 208.70 cents and then at last week’s low of 206.95 cents. Wyckoff's Market Rating: 3.0.
By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
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