(Kitco News) - Gold and silver prices are firmer again in early U.S. trading Tuesday. More short covering and perceived bargain hunting are featured in the two precious metals, after both recently hit five-month lows.
Asian and European stock markets were mixed in quieter overnight trading. U.S. stock indexes are pointed to higher openings when the New York day session begins.
Traders and investors are looking ahead to the late-week annual Federal Reserve symposium held in Jackson Hole, Wyoming. This meeting usually produces some market-sensitive news from world central bankers’ comments, including Fed Chair Jerome Powell. Powell is scheduled to speak at the confab on Friday.
The key outside markets today see the U.S. dollar index slightly lower, while Nymex crude oil futures prices are near steady and trading around $80.00 a barrel. The benchmark U.S. Treasury 10-year note is presently fetching 4.308%. U.S. economic data due for release Tuesday includes the weekly Johnson Redbook retail sales index, the Richmond Fed business survey, and existing home sales.
Technically, the gold futures bears have the firm overall near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in December futures above solid resistance at $1,980.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at $1,938.20 and then at $1,950.00.
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