(Kitco News) - Gold and silver prices are near steady in midday U.S. trading Wednesday. Earlier gains in the two precious metals were lost when the U.S. dollar index rallied from lower levels to hit a new six-month high. December gold was last down $0.60 at $2,605.40 and December silver was up $0.046 at $30.805.
The U.S. data points of the week came this morning and saw the consumer price index for October come in just as expected, at up 2.6%, year-on-year, compared to a reading of up 2.4% in the September report. The “core” CPI (excluding food and energy) was also right in line with market expectations, at up 0.3%, month-on-month. While in line with trade expectations, the takeaway from today’s CPI report is that inflation is ticking back up a bit but is not deemed problematic.
U.S. stock indexes are mixed at midday. The other key outside markets today see Nymex crude oil futures prices are slightly up and trading around $68.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.4%.
Technically, December gold bulls and bears are on a level overall near-term technical playing field but the bears have momentum. Prices are trending down on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,700.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support $2,500.00. First resistance is seen at today’s high of $2,625.00 and then at Tuesday’s high of $2,633.40. First support is seen at this week’s low of $2,595.70 and then at $2,575.00. Wyckoff's Market Rating: 5.0.
December silver futures bulls and bears are on a level overall near-term technical playing field. However, prices are trending down on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $32.50. The next downside price objective for the bears is closing prices below solid support at $30.00. First resistance is seen at the overnight high of $31.255 and then at this week’s high of $31.66. Next support is seen at the overnight low of $30.625 and then at this week’s low of $30.28. Wyckoff's Market Rating: 5.0.
(Hey! My “Markets Front Burner” weekly email report is my best writing and analysis, I think, because I get to look ahead at the marketplace and do some market price forecasting. Plus, I’ll throw in an educational feature to move you up the ladder of trading/investing success. And it’s free! Sign up here; it’s real easy. https://www.kitco.com/services
