Gold Slightly Down; Jackson Hole Confab In Focus

(Kitco News) - Gold prices were ending the U.S. day session slightly lower Thursday. Some mild profit taking was featured, as well as some position evening ahead of the highly anticipated annual world central bankers meeting in Jackson Hole, Wyoming, that began today. December Comex gold was last down $1.20 an ounce at $1,293.60. December Comex silver was last down $0.076 at $17.05 an ounce.

Featured speakers at the three-day Jackson Hole event 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. There are ideas the central bankers will mention very low inflation, which could be extrapolated to mean keeping very accommodative monetary policies in place longer. Draghi’s remarks are likely to impact the Euro currency, especially after the ECB has recently expressed a bit of concern about the appreciation of the Euro. In recent years the Jackson Hole central bankers confab has significantly moved the markets.

The key “outside markets” Thursday saw the U.S. dollar index slightly firmer. The greenback has been trading choppy and sideways at lower levels during the month of August. Meantime, Nymex crude oil futures were solidly lower. Trading in oil has also been choppy recently.

Technically, December gold futures prices closed near mid-range today. The gold bulls still 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

December 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 this week’s high of $17.205 and then at the August high of $17.405. Next support is seen at today’s low of $16.895 and then at $16.75. Wyckoff's Market Rating: 6.0.

December N.Y. copper closed up 540 points at 305.65 cents today. Prices closed nearer the session high and hit a nearly three-year high today. The copper bulls have the solid overall near-term technical advantage. Prices are in a four-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 290.00 cents. First resistance is seen at today’s high of 307.15 cents and then at 310.00 cents. First support is seen at 302.50 cents and then at 300.00 cents. Wyckoff's Market Rating: 8.5.