(Kitco News) - Gold prices ended the U.S. day session modestly lower Monday. Some lessening concerns about a big German Bank’s liquidity took buying interest away from the safe-haven metal. Traders and investors are now looking for fresh news to drive the precious metals markets. December Comex gold was last down $3.20 an ounce at $1,313.80. December Comex silver was last down $0.349 at $18.865 an ounce.
The German Deutsche Bank saw its shares stabilize late Friday following reports that the U.S. government will impose a much smaller fine on the bank than the marketplace had expected. However, that news has not been confirmed and the big German bank’s financial woes are still aplenty. World financial markets will still be watching Deutsche Bank very closely. Markets in Germany were also closed for a holiday Monday. China’s markets are closed all this week for the National Day Break holiday.
U.S. economic data released Monday include the U.S. manufacturing PMI, construction spending, and the ISM manufacturing report on business. This data was a mixed bag and had little impact on the precious metals markets today.
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![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, December gold futures prices closed nearer the session low today. The gold bulls still have the overall near-term technical advantage but have faded recently. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,347.80. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,300.00. First resistance is seen at today’s high of $1,322.60 and then at $1,331.50. First support is seen at today’s low of $1,309.20 and then at the September low of $1,305.50. Wyckoff’s Market Rating: 6.0
December silver futures prices closed nearer the session low today. The silver market bulls have the slight overall near-term technical advantage but faded today. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the September high of $20.235 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 $19.00 and then at today’s high of $19.385. Next support is seen at the September low of $18.65 and then at $18.50. Wyckoff's Market Rating: 5.5.
December N.Y. copper closed down 180 points at 219.25 cents today. Prices closed near mid-range today on a corrective pullback from recent gains that saw prices Friday hit a two-month high and closed at a bullish weekly high close. The copper bulls have the overall near-term technical advantage. Copper bulls' next upside breakout objective is pushing and closing prices above solid technical resistance at 226.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 212.00 cents. First resistance is seen at Friday’s high of 221.90 cents and then at 224.00 cents. First support is seen at today’s low of $2.1670 and then at 213.90 cents. Wyckoff's Market Rating: 6.0.
By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
