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Message: P.M. Kitco Roundup: Gold Ends Solidly Higher On Bargain Hunting And Safe-Haven..

(Kitco News) - Gold prices ended the U.S. day session with good gains Tuesday, as bargain hunters stepped in to buy the early dip in prices. There was also safe-haven buying that surfaced during the day as it appears the U.S. Congress will support President Obama’s effort to use military force against Syria. December Comex gold was last up $18.30 at $1,414.40 an ounce. Spot gold was last quoted up $18.00 at $1415.00. December Comex silver last traded up $0.897 at $24.41 an ounce.

The gold market started to reverse modest early losses in late-morning dealings—about the same time that news reports said U.S. congressional leaders are falling in line with Obama and his notion that Syria needs to be punished with U.S. firepower for its alleged use of chemical weapons against its population. Russian news agencies reported overnight that two missiles were launched in the Mediterranean Sea, possibly a test from Israel. Those reports caused European stock markets to shudder and gold prices to briefly rally. If this situation escalates, stronger safe-haven demand for gold will likely surface.

U.S. traders came back to work from a long Labor Day weekend they now have a full plate of events that lie just ahead. The important U.S. jobs report is out on Friday. The Bank of England and European Central Bank hold their monthly monetary policy meetings on Thursday. There is a Group of 20 nations meeting this week. The U.S. congress returns from its summer recess in mid-September and will immediately have to deal with pressing budget matters. There is an FOMC meeting in September, at which time many believe the U.S. Fed will decided to change its monetary policy.And, it’s likely that President Obama early this fall will name a new Federal Reserve chairman.

Raw commodity markets saw some good news Monday when upbeat Chinese manufacturing data was released. Chinese officials this week said their country’s annual economic growth target of 7.5% will be met. There was also positive manufacturing data coming out of the U.S. and the European Union on Monday. The U.S., European Union and China economies have seen a string of mostly better-than-expected economic reports recently. That is a bullish underlying clue for the raw commodity sector, from a demand perspective.

Technically, December gold futures prices closed near the session high Tuesday and scored a bullish “outside day” up on the daily bar chart. The gold market bulls have the overall near-term technical advantage. A nine-week-old uptrend is in place on the daily bar chart. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,434.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,350.00. First resistance is seen at $1,418.60 and then at $1,425.00. First support is seen at $1,400.00 and then at $1,384.00. Wyckoff’s Market Rating: 6.0

December silver futures prices closed near the session high Tuesday and also scored a bullish “outside day” up on the daily bar chart. Silver bulls have the near-term technical advantage. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $26.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $23.00. First resistance is seen at Tuesday’s high of $24.53 and then at $25.00. Next support is seen at $24.00 and then at $23.50. Wyckoff’s Market Rating: 6.0.

December N.Y. copper closed up 725 points at 330.65 cents Tuesday. Prices closed nearer the session high and were supported by stronger economic data coming from China, the European Union and the U.S. Copper bulls and bears are on a level near-term technical playing field. Copper bulls’ next upside breakout objective is pushing and closing prices above solid technical resistance at the August high of 339.50 cents. The next downside price breakout objective for the bears is closing prices below solid technical support at 320.00 cents. First resistance is seen at Tuesday’s high of 332.75 cents and then at 335.00 cents. First support is seen at 327.95 cents and then at 325.00 cents. Wyckoff’s Market Rating: 5.0.

Read the latest news in gold and precious metals markets at Kitco News.

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By Jim Wyckoff, contributing to Kitco News; [email protected]

Source: http://www.forbes.com/sites/kitconews/2013/09/03/p-m-kitco-roundup-gold-ends-solidly-higher-on-bargain-hunting-and-safe-haven-demand/

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