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Gold, silver markets gain as U.S. dollar, stock indexes pull back

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(Kitco News) - Gold and silver prices are firmer in midday U.S. trading Thursday, on some buying support from a weaker U.S. dollar index and the U.S. stock market pulling back just a bit. Traders are now awaiting a key U.S. economic report that is due out Friday morning. February gold futures were last up $4.80 an ounce at 1,485.00. March Comex silver prices were last up $0.154 at $17.07 an ounce.

Traders are now awaiting the U.S. economic data point of the week, if not the month: Friday’s employment situation report from the Labor Department. The key non-farm payroll number is expected to come in at up around 185,000 jobs. Wednesday’s ADP national employment report for November came in at up just 67,000 jobs, which is a big miss to the downside from market expectations for a rise of 150,000 and has many thinking Friday’s job’s number will be a downside miss, too.

Amid a continued lack of other major, markets-moving news in the global marketplace, traders and investors remain fixated on the U.S. and China trade war and the negotiations to end it. December 15 looms as the next inflection point for the trade talks between the world’s two largest economies. Chinese officials said Thursday there will retaliation if the U.S. imposes more tariffs on Chinese imports into the U.S. at that time. The marketplace late this week remains mostly upbeat on prospects for a partial trade deal, but if recent history repeats itself the prospects will soon dim.

The other key “outside market” today sees Nymex crude oil prices near steady higher and trading around $58.35 a barrel. The OPEC oil cartel is meeting today and is expected to continue to keep production quotas in place to try to keep oil prices propped up.

Live 24 hours gold chart [Kitco Inc.]

Technically, February gold futures bulls and bears are on a level overall near-term technical playing field. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,500.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the November low of $1,453.10. First resistance is seen at this week’s high of $1,489.90 and then at $1,500.00. First support is seen at $1,475.00 and then at Tuesday’s low of $1,465.40. Wyckoff's Market Rating: 5.0

Live 24 hours silver chart [ Kitco Inc. ]

March silver futures bulls and bears are on a level overall near-term technical playing field. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $17.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.50. First resistance is seen at this week’s high of $17.415 and then at $17.50. Next support is seen at the November low of $16.76 and then at $16.50. Wyckoff's Market Rating: 5.0.

March N.Y. copper closed up 55 points at 266.45 cents today. Prices closed near mid-range. The copper bulls and bears are on a level overall near-term technical playing field. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at last week’s high of 271.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the October low of 252.60 cents. First resistance is seen at this week’s high of 267.90 cents and then at 270.00 cents. First support is seen at this week’s low of 262.05 cents and then at 260.00. Wyckoff's Market Rating: 5.0.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.