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Flat gold price on a very quiet Friday

Jim Wyckoff

Kitco News

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(Kitco News) - Gold futures prices are near steady in early U.S. trading Friday. Gold bulls are working to stabilize the yellow metal. Prices hit a nearly five-month low on Tuesday. Gold and silver bulls have been wounded this week by better risk appetite in the global marketplace. December gold futures were last down $0.70 at $1,804.80 and December Comex silver was last down $0.192 at $23.17 an ounce.

Global stock markets were also mostly flat overnight, amid no major news developments the past 48 hours. U.S. stock indexes are pointed toward modestly higher openings when the New York day session begins. Following the U.S. Thanksgiving holiday on Thursday, Friday is usually one of the slowest U.S. trading days of the year. The NYSE and Nasdaq stock markets close early today.

The U.S. dollar index is near steady early today. The other important outside market sees January Nymex crude oil futures prices weaker and trading around $45.40 a barrel. The yield on the benchmark 10-year U.S. Treasury note futures is currently trading at 0.86%.

There is no major U.S. economic data due for release Friday.

Live 24 hours gold chart [Kitco Inc.]

Technically, the December gold futures bulls have lost their overall near-term technical advantage. Bulls’ next upside price objective is to produce a close in December futures above solid resistance at this week’s high of $1,875.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00. First resistance is seen at the overnight high of $1,817.00 and then at $1,825.00. First support is seen at this week’s low of $1,797.10 and then at $1,775.00. Wyckoff's Market Rating: 5.0

Live 24 hours silver chart [ Kitco Inc. ]

December silver futures bulls have the slight overall near-term technical advantage but have faded. Silver bulls' next upside price objective is closing prices above solid technical resistance at $25.00 an ounce. The next downside price objective for the bears is closing prices below solid support at the October low of $22.625. First resistance is seen at $23.65 and then at $24.00. Next support is seen at this week’s low of $22.935 and then at $22.625. Wyckoff's Market Rating: 5.5.

By Jim Wyckoff

For Kitco News

Contact jwyckoff@kitco.com
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.