Senior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
- Gold and silver prices are a bit weaker in early U.S. trading Friday. The precious metals are seeing mild selling pressure as the U.S. dollar index is firmer and U.S. Treasury yields have up-ticked today. Don't be surprised to see gold and silver bulls buy these price dips heading into a still-uncertain weekend on the Middle East front. December gold was last down $5.30 at $1,992.10. December silver was last down $0.053 at $22.855.
The marketplace is not reacting strongly to news overnight U.S. warplanes jets struck Iranian-backed militants and their installations in Syria. The U.S. said the strikes were in response to those militants firing missiles and flying drones to attack U.S. interests in the Gulf region. The key outside markets today see the U.S. dollar index slightly up. Nymex crude oil prices are higher and trading around $84.50 a barrel. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 4.858%.
Technically, the gold futures bulls have the near-term technical advantage. Prices are trending higher on the daily bar chart. Bulls' next upside price objective is to produce a close in December futures above solid resistance at $2,050.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at this week's high of $2,003.70 and then at the October high of $2,009.20.
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