Gold Firmer In Subdued Summertime Session

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(Kitco News) - Gold prices were ending a lazy, hazy late-summer New York day session with modest gains. Many U.S. and European traders and investors are on family vacations, which is making for generally lackluster markets activity. The safe-haven metal did get a slight lift from a lower U.S. dollar index and mostly lower world stock markets on this day. December Comex goldwas last up $2.10 an ounce at $1,293.10. September Comex silver was last up $0.018 at $17.000 an ounce.

Quieter trading conditions could exist until after the U.S. Labor Day holiday in early September.

The world marketplace is awaiting the annual central bankers meeting held in Jackson Hole, Wyoming, that begins Thursday and ends Saturday. Featured speakers from around the world include Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi. Traders and investors will closely examine the Jackson Hole speeches for any clues on future monetary policy moves by the world’s major central banks. In recent years the Jackson Hole central bankers confab has significantly moved the markets.

Technically, December gold futures prices closed near mid-range today. The gold bulls have the solid overall near-term technical advantage. Prices are in a steep six-week-old uptrend on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at this year’s high of $1,307.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,272.70. First resistance is seen at $1,300.00 and then at $1,307.00. First support is seen at this week’s low of $1,286.20 and then at $1,280.00. Wyckoff's Market Rating: 7.0

September silver futures prices closed near mid-range today. The silver bulls have the overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. Silver bulls' next upside price breakout objective is closing 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 August low of $16.56. First resistance is seen at last week’s high of $17.32 and then at $17.50. Next support is seen at this week’s low of $16.83 and then at $16.56. Wyckoff's Market Rating: 6.0.

September N.Y. copper closed down 110 points at 297.60 cents today. Prices closed near mid-range on profit taking after hitting a three-year high on Tuesday. The copper bulls still have the solid overall near-term technical advantage. Prices are in a three-month-old uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 315.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the August low of 286.00 cents. First resistance is seen at this week’s high of 301.45 cents and then at 305.00 cents. First support is seen at today’s low of 296.45 cents and then at this week’s low of 293.05 cents. Wyckoff's Market Rating: 8.0.