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 modestly down in early U.S. trading Wednesday. Prices showed little reaction to a major U.S. inflation report that contained no big surprises. An uptick in U.S. Treasury yields at mid-week is a daily negative for the precious metals markets. December gold was last down $1.20 at $1,933.70 and December silver was down $0.187 at $23.215.
The just-released U.S. data point of the week saw the consumer price index report for August come in at up 3.7%, year-on-year, with the core CPI up 4.3% in the same period. The CPI was expected to be up 3.6%, year-on-year, versus a 3.2% rise in the July report. The core reading in July was up 4.7%. The metals and the general marketplace showed little reaction to the numbers.
Asian and European stock markets were mostly down 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 slightly higher. Nymex crude oil prices are firmer and trading around $89.25 a barrel. The benchmark U.S. Treasury 10-year note yield is presently fetching around 4.31%.
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