Daytrading November 11 pre-market, page-3

From Jim Wyckoff, *****













Gold Ends Near Steady on Chart Consolidation; Bears Still in Control


Tuesday November 10, 2015 13:44
Gold prices finished the U.S. day session near unchanged Tuesday as the market saw chart consolidation after recent strong selling pressure. Some more short covering in the futures market and a bit of bargain hunting in the cash have been featured early this week. The gold and silver bears remain in firm technical control of their markets. December Comex gold was last up $0.40 at $1,088.50 an ounce. December Comex silver was last down $0.033 at $14.38 an ounce.

Reports overnight said demand for physical gold is picking up in India, the world’s second-largest gold consumer. The festival season in India has begun, during which time it is customary for citizens there to buy gold. This news did limit selling pressure in the gold market today.

Technically, December gold futures prices closed near mid-range today and hit another three-month low. The gold bears have the solid overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. Bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,110.00. Bears' next near-term downside price breakout objective is closing prices below solid technical support at the July low of $1,073.70. First resistance is seen at this week’s high of $1,094.90 and then at $1,100.00. First support is seen at today’s low of $1,184.00 and then at $1,180.00. Wyckoff’s Market Rating: 1.5

December silver futures prices closed nearer the session low and hit a seven-week low today. The silver market bears have the solid overall near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $15.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.00. First resistance is seen at today’s high of $14.555 and then at this week’s high of $14.76. Next support is seen at $14.24 and then at $14.00. Wyckoff's Market Rating: 1.5.

Morning all

I'm Troy McClure

Maybe? no sniping today for Remembrance Day

Respect