The next near-term upside price objective for the gold market bulls is to push and close December futures prices above solid chart resistance at this week's high of $1,256.60. The bears' next near-term downside price objective is producing a close in December gold futures below solid chart support at this week's low of $1,233.50.

For December gold, shorter-term technical resistance is located at $1,250.00 and then at $1,256.60. Buy stops likely reside just above those levels. Sell stops likely reside just below chart support at Friday's low of $1,239.20 and then at this week's low of $1,233.50. Today's key near-term Fibonacci pivot level for December gold: $1,248.00.

Comex silver futures are weaker Friday morning on profit-taking pressure and amid a lower gold market. December silver last traded down 11.2 cents at $19.56 an ounce. The silver bulls have the solid overall near-term technical advantage. Silver will continue to generally follow the lead of the gold market.

The next near-term upside price objective for the silver market bulls is to push and close December Comex futures prices above solid chart resistance at the May high of $19.915 an ounce. The next downside price objective for the silver bears is to push and close December silver prices below solid technical support at this week's low of $18.86

December silver finds shorter-term technical resistance at this week's high of $19.74 and then at $19.915. Buy stops likely reside just above those levels. Shorter-term technical support for December silver is located at the overnight low of $19.505 and then at $19.345. Sell stops are likely placed just below those levels. Today's key Fibonacci pivot level for December silver futures is located at $19.40.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook