Make Kitco Your Homepage

Gold, silver down amid firmer global equity markets Wed.

Kitco News

Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here!

(Kitco News) - Gold and silver futuresprices are moderately lower in midday U.S. trading Wednesday, as global equity markets were mostly up at mid-week, despite the pandemic that continues to rage in the U.S. and much of Europe. December gold futures were last down $10.80 at $1,874.30 and December Comex silver was last down $0.181 at $24.47 an ounce.

The marketplace is presently grappling with the specter of a Covid-19 vaccine coming to the public in the coming months that will likely give economies a strong boost, while at the same time realizing it’s going to be a grim winter as the pandemic continues to rage in many areas around the globe, including the U.S. and parts of Europe. On this day so far, it appears traders are more focused on the promising vaccine.

Still weighing on trader/investor sentiment, however, is the likelihood that no new U.S. government stimulus package is on horizon despite millions of Americans struggling after Covid wiped out their jobs.

The U.S. dollar index is weaker again today and the greenback bears are having a good week. The other important outside market sees crude oil prices higher and trading around $42.15 a barrel. The yield on the benchmark 10-year U.S. Treasury note futures is currently trading at 0.86%.

Live 24 hours gold chart [Kitco Inc.]

Technically, December gold futures bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in December futures above solid resistance at $1,900.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the November low of $1,848.00. First resistance is seen at today’s high of $1,884.20 and then at this week’s high of $1,898.00. First support is seen at today’s low of $1,860.30 and then at $1,848.00. Wyckoff's Market Rating: 6.5

Live 24 hours silver chart [ Kitco Inc. ]

December silver futures bulls have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the November high of $26.135 an ounce. The next downside price objective for the bears is closing prices below solid support at the September low of $21.81. First resistance is seen at today’s high of $24.78 and then at this week’s high of $25.155. Next support is seen at today’s low of $24.235 and then at $24.00. Wyckoff's Market Rating: 6.5.

December N.Y. copper closed up 5 points at 319.85 cents today. Prices closed nearer the session low today. The copper bulls still have the solid overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 350.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the November low of 302.85 cents. First resistance is seen at today’s high of 324.20 cents and then at this week’s high of 326.25 cents. First support is seen at this week’s low of 317.65 cents and then at 315.00 cents. Wyckoff's Market Rating: 8.0.

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.