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Gold price firmer in quieter trading

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(Kitco News) - Gold prices are modestly up and silver a bit weaker in subdued, post-holiday U.S. trading Wednesday. Global stock markets were mixed overnight, with European shares mostly firmer and Asian shares mostly weaker. U.S. stock indexes are headed for mixed openings when the New York day session begins. Many U.S. markets close early today, the day after the Thanksgiving holiday in which U.S. markets were closed. Today is typically one of the slowest U.S. trading days of the year. December gold was last up $3.50 at $1,749.10 and December silver was down $0.102 at $21.27.

Today is "Black Friday" in the U.S., where holiday shoppers go wild. Early results on U.S. consumer spending will be closely examined by market watchers, including the Federal Reserve.

The marketplace remains subdued late this week as Covid-19 cases in China are rising at a record pace as China‘s government tries to deal with its slumping economy amid Covid-related lockdowns. China‘s central bank lowered its reserve requirement ratio by 25 basis points Friday in a bid to support the world‘s second-largest economy. "Combined with other measures to boost the property market and ease Covid curbs, the cut could be supportive over the medium term when growth remains highly uncertain," said one analyst.

Investors thankful spot gold prices holding above $1,750

The key outside markets today see the U.S. dollar index slightly higher. Nymex crude oil prices are higher and trading around $79.75 a barrel. The yield on the benchmark U.S. 10-year Treasury note is presently 3.722%.

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

Live 24 hours gold chart [Kitco Inc.]

Technically, the gold futures bulls and bears are on a level overall near-term technical playing field. Bulls‘ next upside price objective is to produce a close above solid resistance at the November high of $1,791.80. 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 $1,761.20 and then at $1,770.00. First support is seen at $1,733.00 and then at $1,725.00. Wyckoff's Market Rating: 5.0

Live 24 hours silver chart [ Kitco Inc. ]

The silver bulls have the slight overall near-term technical advantage but have faded. A choppy, 2.5-month-old uptrend is still in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the November high of $22.38. The next downside price objective for the bears is closing prices below solid support at $19.00. First resistance is seen at the overnight high of $21.73 and then at $22.00. Next support is seen at $21.00 and then at this week‘s low of $20.60. Wyckoff's Market Rating: 5.5.

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.