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Gold price near steady; fresh fundamental inputs awaited

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(Kitco News) - Gold prices are trading near unchanged in early U.S. trading Friday. A weaker U.S. dollar index is being offset by a drop in crude oil prices to a five-week low overnight. U.S. bond yields have risen a bit late this week, which leans slightly bearish for the safe-haven metals. The precious metals traders are looking for a spark of news to ignite some bigger price movements. December gold was last up $0.40 at $1,763.40 and December silver was up $0.22 at $21.195.

Global stock markets were mixed overnight. U.S. stock indexes are headed for higher openings when the New York day session begins. Trader and investor attitudes in the U.S. late this week are slightly upbeat after a better-than-expected U.S. retail sales report for October that was released Wednesday. However, enthusiasm was blunted Thursday by hawkish rhetoric coming from U.S. Federal Reserve officials, who ostensibly said the U.S. economy needs to dip into recession for a while in order to fully tamp down problematic inflation.

The key outside markets today see the U.S. dollar index weaker. Nymex crude oil prices are lower, hit a five-week low overnight, and are trading around $81.25 a barrel. The yield on the benchmark U.S. 10-year Treasury note is presently 3.799%.

U.S. economic data due for release Friday includes existing home sales and leading economic indicators.

Live 24 hours gold chart [Kitco Inc.]

Technically, the gold futures bulls have the slight overall near-term technical advantage amid a fledgling price uptrend in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,800.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at last week’s low of $1,667.10. First resistance is seen at Thursday’s high of $1,777.60 and then at this week’s high of $1,791.80. First support is seen at this week’s low of $1,755.80 and then at $1,750.00. Wyckoff's Market Rating: 5.5.

Live 24 hours silver chart [ Kitco Inc. ]

The silver bulls have the overall near-term technical advantage. A choppy, 2.5-month-old uptrend is in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at this week’s high of $22.38. The next downside price objective for the bears is closing prices below solid support at $20.00. First resistance is seen at Thursday’s high of $21.535 and then at $22.00. Next support is seen at $21.00 and then at this week’s low of $20.785. Wyckoff's Market Rating: 6.0.

Gold prices to fall 10%, silver prices to fall 17% in 2023 - Metals Focus

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.