Gold, silver weaker as bulls take a pause

- Gold and silver prices are a modestly down near midday Monday, on some routine corrective, consolidative pressure following recent gains. Some profit taking by the shorter-term futures traders is also featured. Gold hit a 3.5-month high and silver a four-week high last Friday. Bulls in both markets are still confident and are likely to step in to buy the dips at some point soon. December gold was last down $5.20 at $1,989.00. December silver was last down $0.249 at $23.265.

Focus of traders and investors remains on rhetoric coming from central bankers, especially the Federal Reserve. A Wall Street Journal headline today reads: “The economy was supposed to slow by new. Instead it's revving up.” A Barrons headline today says: “Markets are confident Fed done on rates. Why that's dangerous.” The Barrons story suggests inflation is still not under control and geopolitical risk remains high--underscoring there are still major risks to the global economy.

Technically, December gold futures prices hit a 10-week high Friday. The bulls have the overall near-term technical advantage. Prices are in an uptrend on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at $2,050.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at $2,000 and then at last week's high of $2,009.20.

Source: Financial Digest (financialdigest.net)

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