Gold, silver weaker on routine downside corrections amid price uptrends
(Kitco News) - Gold and silver prices are modestly lower in midday U.S. trading Thursday, on normal corrective pullbacks after recent gains. Both metals remain in near-term price uptrends on the daily bar charts. A firmer U.S. dollar index on this day is also a negative outside market element for the metals markets. December gold futures were last down $2.20 at $1,782.70. December Comex silver was last down $0.245 at $24.20 an ounce.
Global stock markets were mostly lower in overnight trading. The U.S. stock indexes are mixed at midday. The U.S. stock market bulls are back in business as the S&P 500 and the Nasdaq indexes are closing on their record highs scored in September. A good corporate earnings season has lifted trader and investor risk sentiment as they work through what can be the historically difficult month of October. For the moment it appears the marketplace has pushed to the back burner rising inflation and the prospect of major global economies slowing down in theor post-pandemic recoveries.
The key outside markets today see the U.S. dollar index firmer after hitting another three-week low overnight. Crude oil prices are lower and trading around $83.00 a barrel after hitting a seven-year high overnight. Meantime, the 10-year U.S. Treasury note yield is presently fetching 1.66%.
Technically, December gold futures bulls have the overall near-term technical advantage amid a three-week-old price uptrend in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the October high of $1,801.90. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the September low of $1,721.10. First resistance is seen at today’s high of $1,790.30 and then at $1,800.00. First support is seen at $1,775.00 and then at Wednesday’s low of $1,767.10. Wyckoff's Market Rating: 6.0
December silver prices hit a six-week high today. The silver bulls have the overall near-term technical advantage. Prices are in a three-week-old uptrend on the daily chart. 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 $22.50. First resistance is seen at today’s high of $24.55 and then at the September high of $24.945. Next support is seen at $24.00 and then at Wednesday’s low of $23.615. Wyckoff's Market Rating: 6.0.
December N.Y. copper closed down 1,665 points at 456.80 cents today. Prices closed nearer the session high low today on heavy profit taking and weak long liquidation. The copper bulls still have the overall near-term technical advantage but faded today. Prices are still in a four-week-old uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at this week’s high of 482.30 cents. The next downside price objective for the bears is closing prices below solid technical support at 435.00 cents. First resistance is seen at 460.00 cents and then at 465.00 cents. First support is seen at today’s low of 455.20 cents and then at 450.00 cents. Wyckoff's Market Rating: 6.5.