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Mild price gains for gold, silver amid friendlier charts

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(Kitco News) - Gold and silver prices are slightly higher in early U.S. trading Thursday, on some more follow-through strength after this week’s gains that came following tamer U.S. inflation data. The near-term technical postures for gold and silver have improved this week, and especially for silver. That’s prompting some chart-based buying interest from the shorter-term speculators. December gold was last up $2.40 at $1,966.70. December silver was last up $0.142 at $23.68.

Asian and European markets were mixed to weaker in overnight trading. U.S. stock indexes are pointed to steady to slightly lower openings when the New York day session begins, after hitting multi-week highs on Wednesday. Risk appetite in the market place has up-ticked this week after tamer U.S. inflation reports were released that suggest the Federal Reserve is done with its interest-rate-increase cycle. Also, several weeks into the Israel-Hamas war, there has so far been no major involvement from other countries, including the U.S. and Iran. However, that situation remains very uneasy.

In other news, U.S. President Joe Biden and Chinese President Xi Jinping met Wednesday afternoon during the APEC Summit in San Francisco to discuss various geopolitical, trade, and economic issues. Both leaders recognized the need for cooperation to stabilize those issues. Biden aimed to ease tensions with China without appearing weak on the matter. Xi sought foreign investment and export markets to counter China's economic challenges, including a real-estate crash and excessive debt.

A stopgap spending measure to avoid a U.S. government shutdown on Friday and fund the government into early 2024 was agreed upon by the U.S. Congress and is now headed to President Biden's desk, allowing U.S. lawmakers to prepare for negotiations on full-year appropriations between the two chambers. Biden is expected to sign the measure into law.

Nymex crude oil prices are weaker and trading around $76.00 a barrel. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 4.496%.

U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey, import and export prices, industrial production and capacity utilization, the NAHB housing market index, the Kansas City Fed manufacturing survey and Treasury international capital data.

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 in December futures above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at this week’s high of $1,979.20 and then at $1,985.00. First support is seen at Wednesday’s low of $1,958.80 and then at $1,950.00. Wyckoff's Market Rating: 5.0.

Live 24 hours silver chart [ Kitco Inc. ]

The silver bulls have the slight overall near-term technical advantage and have gained momentum this week. Silver bulls' next upside price objective is closing December futures prices above solid technical resistance at $24.05. The next downside price objective for the bears is closing prices below solid support at this week’s low of $21.925. First resistance is seen at the October high of $23.88 and then at $24.05. Next support is seen at the overnight low of $23.35 and then at $23.00. Wyckoff's Market Rating: 5.5.

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