(Kitco News) - Gold and silver prices are solidly higher in early U.S. trading Thursday, benefitting from bullish daily outside-market elements that include a weaker U.S. dollar index, firmer crude oil prices and a dip in U.S. Treasury yields. Safe-haven demand remains a major underlying supportive factor for the precious metals and is keeping a solid floor under prices. December gold was last up $19.70 at $2,749.10 and December silver was up $0.406 at $34.245.
Asian and European stock indexes were mixed overnight. U.S. stock indexes are pointed to mostly higher openings when the New York day session begins.
On this day in 1929, a massive sell-off at the opening bell of the New York Stock Exchange led to chaos as stockbrokers couldn’t keep up with trade requests. Though the market recovered some loses by the end of the day, “Black Thursday” marked the beginning of the Wall Street Crash of 1929.
The key outside markets today see the U.S. dollar index lower. The benchmark 10-year U.S. Treasury note yield is presently fetching 4.20%. Crude oil prices are firmer and trading around $71.50 a barrel.
U.S. economic data due for release Thursday includes the weekly jobless claims report, the Chicago Fed national activity index, the U.S. flash manufacturing and services purchasing managers indexes, new residential sales and the Kansas City Fed manufacturing survey.
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 $2,800.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,650.00. First resistance is seen at the contract high of $2,772.60 and then at $2,800.00. First support is seen at the overnight low of $2,728.70 and then at this week’s low of $2,722.10. Wyckoff's Market Rating: 9.0.
December silver futures bulls have the solid overall near-term technical advantage. Prices are in an accelerating 2.5-month-old uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $37.50. The next downside price objective for the bears is closing prices below solid support at $32.00. First resistance is seen at the overnight high of $34.48 and then at this week’s high of $35.07. Next support is seen at $34.00 and then at this week’s low of $33.61. Wyckoff's Market Rating: 8.5
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