Gold, silver prices see choppy trading
(Kitco News) - Gold and silver prices are slightly up in early U.S. trading Friday. Risk aversion in the world marketplace has subsided late this week, which is bearish for the safe-haven metals. However, there is still enough uncertainty on the geopolitical front to keep the sellers of the metals very tentative—especially heading into the weekend. December gold futures were last up $1.70 an ounce at 1,507.80. December Comex silver prices were last up $0.011 at $17.895 an ounce.
Asian and European stock markets were mostly up in trading overnight. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. It looks to be a quieter end to the trading week as the world marketplace has calmed down significantly after traders came to work Monday dealing with a major geopolitical shock after last weekend’s attack on Saudi Arabian oil installations.
However, many futures traders in many markets will not want to go home for the weekend with big positions, as it still appears the U.S. and Iran are on a collision course at some point down the road.
Nymex crude oil prices are higher and trading around $58.75 a barrel. The other key outside market today sees the U.S. dollar index trading slightly up.
There is no major U.S. economic data due for release Friday.
Technically, the gold bulls have the solid overall near-term technical advantage but a three-month-old uptrend on the daily bar chart is again in jeopardy. Bulls’ next upside price objective is to produce a close in October futures above solid resistance at the September high of $1,566.20. Bears' next near-term downside price breakout objective is pushing December futures prices below solid technical support at $1,485.00. First resistance is seen at this week’s high of $1,519.70 and then at 1,525.00. First support is seen at $1,500.00 and then at this week’s low of $1,490.70. Wyckoff's Market Rating: 7.0
December silver futures bulls still have the overall near-term technical advantage. A three-month-old uptrend is in place on the daily bar chart. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $18.555 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $17.00. First resistance is seen at this week’s high of $18.17 and then at $18.265. Next support is seen at this week’s low of $17.58 and then at the September low of $17.47. Wyckoff's Market Rating: 6.5.