(Kitco News) - Gold and silver prices are higher but down from session highs in midday U.S. trading Thursday. Short covering in the futures markets and perceived value buying in the cash markets are featured in both metals. However, the U.S. dollar index is up from its daily low and crude oil prices have lost their early gains, which did push the metals off their daily highs. October gold futures were last up $8.10 at $1,760.20. September Comex silver futures were last up $0.173 at $19.085 an ounce.
The marketplace is fixated on the Jackson Hole, Wyoming Federal Reserve annual symposium, which began Thursday. A couple Fed officials have made remarks to the press at the meeting, but markets did not react. Traders are more interested in 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.
U.S. stock indexes are firmer at midday. The U.S. data point of the day Thursday saw the second estimate of second-quarter gross domestic product growth estimate come in at down 0.6% and compared to down 0.9% in the first quarter. That puts the U.S. in an economic recession, technically.
In other news, China’s central bank announced a one trillion yuan stimulus plan amid the severe headwinds facing the world’s second-largest economy and the consequences of China’s zero-Covid policy.
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| Gold price would be $150 higher if not for the U.S. dollar – Wells Fargo |
The key outside markets today see Nymex crude oil prices lower and trading around $94.00 a barrel. The U.S. dollar index is slightly lower at midday. Meantime, the yield on the 10-year U.S. Treasury note is fetching 3.08%. Bond yields have been on the rise recently.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, October gold futures bears still have the 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 the July low of $1,686.30. First resistance is seen at today’s high of $1,769.30 and then at 1,775.00. First support is seen at today’s low of $1,753.80 and then at Wednesday’s low of $1,745.50. Wyckoff's Market Rating: 3.0.
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
September silver futures bears have the firm overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the August high of $20.87. 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 today’s high of $19.26 and then at $19.50. Next support is seen at this week’s low of $18.605 and then at $18.35. Wyckoff's Market Rating: 2.5.
September N.Y. copper closed up 490 points at 369.30 cents today. Prices closed nearer the session high today. The copper bulls have the overall near-term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 400.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 335.00 cents. First resistance is seen at this week’s high of 373.15 cents and then at 380.00 cents. First support is seen at this week’s low of 360.40 cents and then at last week’s low of 354.20 cents. Wyckoff's Market Rating: 6.0.
