(Kitco News) - Gold and silver prices are weaker in early U.S. trading Wednesday. A firmer U.S. dollar index that is not far below Tuesday’s 20-year high and rising U.S. Treasury bond yields are bearish elements that continue to weigh down the precious metals markets. October gold futures were last down $3.70 at $1,747.40. September Comex silver futures were last down $0.161 at $18.865 an ounce.
Global stock markets were mixed to weaker overnight. U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins. It’s quieter at mid-week as the marketplace is awaiting the late-week Jackson Hole, Wyoming Federal Reserve annual symposium, including a speech from Fed Chairman Jerome Powell Friday morning. Past Jackson Hole Fed meetings have significantly moved markets. Markets are expecting Powell to lean hawkish on U.S. monetary policy and on the Fed’s fight against inflation.
|
| Gold price and silver price pop ahead of Jackson Hole, here's what to expect from Powell's speech |
The key outside markets today see Nymex crude oil prices higher and trading around $94.50 a barrel. Reports said Saudi Arabia may be looking to cut back on crude oil production. The U.S. dollar index is firmer in early U.S. trading, after hitting a 20-year high on Tuesday. Meantime, the yield on the 10-year U.S. Treasury note is fetching 3.046%. Bond yields have been on the rise recently.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, durable goods orders, pending home sales and the weekly DOE liquid energy stocks report.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, the October gold futures bears have the firm overall near-term technical advantage. 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 $1,700.00. First resistance is seen at this week’s high of $1,757.60 and then at $1,775.00. First support is seen at $1,740.00 and then at this week’s low of $1,730.40. Wyckoff's Market Rating: 3.0
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
September silver futures bears have the solid overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $20.00. The next downside price objective for the bears is closing prices below solid support at the July low of $18.01. First resistance is seen at this week’s high of $19.155 and then at $19.48. Next support is seen at this week’s low of $18.605 and then at $18.35. Wyckoff's Market Rating: 2.0.
