Gold, silver close to stable amid conflicting foreign markets

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(Kitco News) – Gold and silver prices were close to steady in mid-day US trading on Wednesday. Precious metals saw selling interest limited by a slight decline in the US dollar index and also in US Treasury yields. However, buyers of gold and silver are being squelched by solidly lower crude oil prices these days. Last December gold was up $0.80 at $1,777.60 and December silver was down $0.028 at $21.49.

US stock indexes mixed near midday in routine corrective pullbacks after recent gains. After a tense Tuesday afternoon in markets following reports that a Russian missile had landed in NATO member Poland and killed two people, the market was mostly settled after the United States said the missile was not likely fired by Russia but likely fired by Ukraine. in an attempt to shoot down the incoming Russian missile barrage.

Traders and investors remain upbeat after Tuesday’s US producer price index report which came in cooler than expected and drove major US stock indexes to new for-the-move highs. The lifting of Covid restrictions in China and moves by China’s central bank to stimulate the world’s second-largest economy also kept the optimistic tone in the market midweek. Gold and silver bulls also see the aforementioned elements as positive for better consumer and commercial demand for the metal.

Key foreign markets are currently seeing the US dollar index slightly lower. Nymex crude oil prices are solidly lower and trade around $84.25 a barrel. The yield on the benchmark US 10-year Treasury note is currently 3.719%.

Live gold chart 24 hours [Kitco Inc.]

Technically, December gold futures prices hit a three-month high on Tuesday. Gold futures bulls have little near-term technical advantage. Bulls still have some momentum and are working on a fledgling price uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,800.00. The Bears’ next short-term downside price objective is pushing futures prices below solid technical support at the November low of $1,618.30. First resistance is seen at this week’s high of $1,791.80 and then at $1,800.00. First support is seen at this week’s low of $1,755.80 and then at $1,750.00. Wyckoff Market Rating: 5.5.

Live 24 hour silver chart [ Kitco Inc. ]

December silver futures prices hit a 4.5-month high on Tuesday. The silver bulls have all the technical advantages in the near term. The price is in a 2.5-month-old uptrend rising on the daily bar chart. Silver’s next upside price objective is a close above solid technical resistance at $23.00. The next downside price objective for the bears is closing the price below solid support at $20.00. First resistance is seen at $22.00 and then this week’s top at $22.38. The next support is seen at this week’s low of $21.37 and then at $21.00. Wyckoff Market Rating: 6.0.

December NY copper closed down 400 points at 377.95 cents today. Prices closed near the mid-range of the day on more profit taking after hitting a four-month high on Monday. The copper bulls have all the near-term technical advantages. The price is in a six-week-long uptrend on the daily bar chart. The next upside price objective of the copper bulls is to push and close the price above solid technical resistance at 400.00 cents. The next downside price objective for the bears is closing the price below solid technical support at 350.00 cents. The first resistance was seen at the top of Tuesday about 388.90 cents and then at the top of this week at about 396.00 cents. The first support is seen at 369.25 cents and then at 360.00 cents. Wyckoff Market Rating: 6.0.

Disclaimer: The opinions expressed in this article are those of the author and may not reflect the views Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for loss and / or damage arising from the use of this publication.

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