(Kitco News) - Gold and silver prices are solidly higher in early U.S. trading Friday. The precious metals bulls are anticipating a key speech by the U.S. central bank chief will lean dovish on monetary policy. December gold was last up $19.90 at $2,536.60. September silver was up $0.428 at $29.475.
The marketplace is focused on the annual Jackson Hole, Wyoming Federal Reserve symposium. Fed Chairman Powell is slated to speak at the symposium this morning and may give some guidance on the size of an expected U.S. interest rate cut in September. Past years have seen central bank officials make markets-moving pronouncements at the confab.
Asian and European stock indexes were mixed overnight. U.S. stock indexes are pointed to higher openings when the New York day session begins.
In overnight news, the Japanese yen gained against the U.S. dollar after a Bank of Japan official said the BOJ intends to continue raising interest rates.
The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are up and are trading around $74.00 a barrel. The benchmark 10-year U.S. Treasury note is presently fetching 3.854%.
Other U.S. economic data due out Friday includes new residential sales.
Technically, December gold bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $2,600.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,450.00. First resistance is seen at Thursday’s high of $2,551.40 and then at the contract high of $2,570.40. First support is seen at the overnight low of $2,519.80 and then at this week’s low of $2,506.40. Wyckoff's Market Rating: 8.5.
September silver futures bulls have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $31.00. The next downside price objective for the bears is closing prices below solid support at $28.00. First resistance is seen at this week’s high of $30.035 and then at $30.50. Next support is seen at $29.00 and then at this week’s low of $28.78. Wyckoff's Market Rating: 6.0
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