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 not straying too far from unchanged levels in early U.S. trading Thursday. Traders and investors are awaiting a major U.S. economic report due out shortly, and one which may move precious metals prices. December gold was last up $0.60 at $1,995.40. December silver was last up $0.068 at $23.07.
Asian and European stocks were mixed overnight. U.S. stock indexes are pointed to weaker openings when the New York day session begins. The key outside markets today see the U.S. dollar index higher. Nymex crude oil prices are down and trading around $83.75 a barrel. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 4.953%.
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 the overnight high of $2,003.70 and then at the October high of $2,009.20.
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