(Kitco News) - Gold prices ended the U.S. day session moderately lower Wednesday. A slumping crude oil market this week is weighing on the precious metals and the raw commodity sector, in general. December Comex gold was last down $6.40 an ounce at $1,267.20. December Comex silver was last down $0.165 at $17.615 an ounce.
The key “outside markets” on Wednesday saw Nymex crude oil prices lower, hit a three-week low, and dropping back below the key $50.00-per-barrel level. There are growing doubts among oil market watchers that OPEC will be able to effectively lower its collective crude oil output. Meantime, the U.S. dollar index was slightly lower on mild profit taking after hitting an 8.5-month high Tuesday. Still, the recent strong greenback is somewhat limiting buying interest in the raw commodity markets, including the precious metals.
The big data point for this week will be Friday’s U.S. gross domestic product report for the third quarter, which is expected to see a rise of 2.5%, year-on-year. Many markets could become more volatile in the immediate aftermath of that report.
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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 bears still have the overall near-term technical advantage. However, the sideways-to-higher price action the past three weeks could be “basing” that puts in a market bottom. Gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,300.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the October low of $1,243.20. First resistance is seen at this week’s high of $1,277.50 and then at $1,280.00. First support is seen at this week’s low of $1,260.10 and then at $1,250.00. Wyckoff’s Market Rating: 4.0
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
December silver futures prices closed nearer the session low today. The silver market bears have the overall near-term technical advantage. However, the sideways price action of the past three weeks could be “basing” that puts in a market bottom. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $18.46 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $17.00. First resistance is seen at this week’s high of $17.89 and then at $18.04. Next support is seen at this week’s low of $17.465 and then at $17.315. Wyckoff's Market Rating: 3.5.
December N.Y. copper closed up 70 points at 214.55 cents today. Prices closed nearer the session high and hit a two-week high today. More short covering and bargain hunting were featured. The 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 218.00 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at the October low of 208.45 cents. First resistance is seen at today’s high of 214.90 cents and then at 216.00 cents. First support is seen at today’s low of 212.65 cents and then at 210.00 cents. Wyckoff's Market Rating: 4.0.
By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
