(Kitco News) – Gold and silver prices are sharply lower in US trade on Wednesday. Today's price action is still so far only routine disadvantages in correcting price trends still in place in the daily bars. However, selling pressure in the methods of safe gardens today is also due to the risk appetite that has increased by the middle of the week. Gold futures in December were last down $ 26.80 per ounce at 1
Gold and silver sales pressure intensified Wednesday morning following the release of notes from a telephone conversation between President Trump and the head of Ukraine. That phone call made the U.S. House of Representatives Tuesday open for an inquiry into Trump. Traders and investors apparently felt that the notes were not too damaging to Trump as the US stock market crashed in the wake of the notes being released.
Even after harsh words directed at China in a speech to the United Nations on Tuesday, Trump toned down his rhetoric against China today and sounded more conciliatory on trade with China.
Still, with the US House considering admitting Trump, even though he is actually removed from office seems unlikely at this time, the inquest from the House is likely to slam the US government and could hammer or even weaken Trump's foreign policy agenda, including trade negotiations with China.
Brexit news is closer to the front burner again after Britain's Supreme Court ruled that Prime Minister Boris Johnson acted illegally when he suspended Parliament.
Nymex crude oil prices are lower, trading around $ 56.25 a barrel. The second key outside the market today is seeing the US dollar index trade solidly higher and not far below the year's high.
Technically, futures prices for gold in December were close to the late trading session. The bulls still have the fixed technical long-term advantage amid a four-month-old trend still in place in the daily bar chart. The Gold Bulls next upside near-target award ceremony aims to produce a near above solid technical resistance at the September high of $ 1,566.20. Bears' next long-term downward price trend is to push prices under solid technical support at a low September of $ 1,490.70. First resistance is seen at $ 1,525.00 and then at $ 1,535.00. First aid can be seen at today's lowest price of $ 1,507.40 and then at $ 1500.00. Wyckoff Market Review: 7.0.
The futures prices of silver in December were nearer the session low in late trading today. The silver bullets have the general technical advantage in the near term. A four-month-old trend is still in place in the daily bar chart. Silver Bull's next price target for price developments is closing prices above solid technical resistance at $ 19.00 per ounce. The next price trend for the Bears is to close prices under solid support at the September low of $ 17.47. First resistance is seen at $ 18.25 and then at $ 18.50. Next support is seen at today's lowest price of $ 17,935 and then to $ 17.75. Wyckoff's market assessment: 6.5.
N. Copper in N. completed 65 points at 26.30 cents today. Prices closed near the session high today. The copper bears have the general technical advantage in the near term. Copper's next upside target is to push and close prices over solid technical resistance of 275.00 øre. The next target with the Bear downside price is to close the prices under solid technical support at the lowest September of 248.20 cents. First resistance is seen at this week's high of 262.35 cents and then at 265.00 cents. First aid can be seen at the lowest of the week at 257.25 cents and then at 255.00 cents. Wyckoff Market Review: 3.0.
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