U.S. economic data due for release Tuesday includes the NFIB business optimism index, the weekly Goldman Sachs and Johnson Redbook retail sales reports, retail sales, manufacturing and trade inventories, the IBD/TIPP economic optimism index, and the FOMC meeting and Fed statement following it.

The London A.M. Gold Price Chart fixing was $1,665.00 versus the previous P.M. fixing of $1,659.50.

Technically, February gold futures bulls have faded badly recently and near-term chart damage has been inflicted as key chart support levels were breached Monday. A 10-week-old uptrend on the daily bar chart was also negated Monday. Now, gold prices are in a four-week-old downtrend on the daily bar chart.

Bulls’ next upside technical breakout objective is to produce a close above solid technical resistance at $1,730.00. Bears’ next near-term downside price objective is closing prices below solid technical support at $1,650.00. First resistance is seen at $1,685.00 and then at $1,700.00. First support is seen at the overnight low of $1,654.40 and then at $1,650.00.

March silver futures prices Monday and hit a fresh three-week low. Silver prices have been trending gently lower in a choppy fashion for six weeks. Bulls next upside price breakout objective is closing prices above solid technical resistance at the December high of $33.74 an ounce. The next downside Live Gold Price breakout objective for the bears is closing prices below solid technical support at the November low of $30.74. First resistance is seen at $32.00 and then at Mondays high of $32.30. Next support is seen at Mondays low of $30.92 and then at $30.74.

This entry was posted on Tuesday, December 13th, 2011 at 3:37 pm and is filed under Jewelry. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.