(Kitco News) - Gold and silver prices are steady to slightly lower in quieter midday U.S. trading Thursday, as traders are awaiting the marketplace event of the week, if not the month: the annual Federal Reserve symposium held in Jackson Hole, Wyoming.
The meeting gets under way Thursday evening. 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 morning at 10:05 a.m. EDT. December gold was last down $0.70 at $1,947.40 and September silver was down $0.152 at $24.245.
The marketplace is taking note of the BRICS meeting this week. China President Xi Jinping was a no-show for a scheduled speech at the confab. Broker SP Angel says in an email dispatch: “We wonder what economic disaster Xi was having to address while missing his speech.” Technically, December gold futures bears still have the overall near-term technical advantage. However, a four-week-old downtrend on the daily bar chart has been negated. Bulls’ next upside price objective is to produce a close 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 $1,963.50 and then at $1,975.00. First support is seen at today’s low of $1,939.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Traders await Chairman Powell’s Jackson Hole Speech on FridayAll eyes, or more appropriately all ears of investors, traders, market economists, and analysts will be laser-focused as they listen to the speech from Chairman Powell at the central bank's summer symposium this Friday.
Read more »
Premarket: Weak European data hits euro, lifts bondsMarkets await Nvidia results, Fed chair Jerome Powell’s Jackson Hole speech
Read more »
Powell Is Using Jackson Hole as Final Push in Inflation FightFederal Reserve Chair Jerome Powell is expected to map out final steps in the US central bank’s campaign to tame inflation, and reinforce its commitment to finishing the job, when he speaks Friday in Jackson Hole, Wyoming.
Read more »
Here's what Wall Street expects from Jerome Powell at Jackson HoleA stock sell-off in August, prompted in part by rising bond yields, means traders are listening closely for how long they can expect higher rates.
Read more »
Fed Chair Powell at Jackson Hole: What investors need to knowFed Chair Jerome Powell is scheduled to speak at the Jackson Hole Economic Symposium tomorrow. Jeanna Smialek, New York Times Federal Reserve and Economy Reporter, joins Yahoo Finance Live from Jackson Hole, Wyoming, to discuss what to expect from Powell's speech and everything investors need to know. Regarding inflation, Smialek said, 'We've got pretty sticky core inflation, that number is quite a bit higher, almost 5 percent still ... I think the Fed has to both signal that they're willing to do what it takes ... while also avoiding signaling that they're going to do so much that they're going to push the economy into recession.'
Read more »
Mild price losses for gold, silver as markets await Jackson Hole(Kitco News) - Gold and silver prices are modestly down in quieter early U.S. trading Thursday, as traders are awaiting the marketplace event of the week: the annual Federal Reserve symposium held in Jackson Hole, Wyoming.
Read more »