(Kitco News) - Gold prices are moderately higher and silver near steady in early U.S. trading Wednesday. Some mild safe-haven demand, short covering and bargain hunting are featured at mid-week. December gold was last up $9.40 at $2,640.40 and December silver was down $0.032 at $31.23.
Market participants are less nervous at mid-week, following Russia saying it is lowering its bar on using nuclear weapons against adversaries. There was some relief after Russian foreign minister Sergei Lavrov said Russia would "do everything possible" to avoid a nuclear war.
Asian and European stock markets were mixed overnight. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. U.S. traders await the biggest earnings report of the quarter from Nvidia after the market closes today. Said Bloomberg: “It’s hard to overstate how big Nvidia’s third-quarter earnings are for the short-term direction of the stock market. The chipmaker is the world’s biggest company, with a $3.6 trillion market value after the stock tripled this year, and it’s the embodiment of investors’ fever dreams of riches tied to the growth of artificial intelligence.”
In overnight news, the People’s Bank of China left both its 1-year and 5-year loan prime rates unchanged, as expected.
The key outside markets today see the U.S. dollar index solidly higher. Nymex crude oil futures prices are firmer and trading around $69.75 a barrel. Reads a DowJones Newswires headline today: “Oil prices rise as intensifying Russia-Ukraine war raises supply concerns.”
Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently 4.418%.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey and the weekly DOE liquid energy stocks report. Several Federal Reserve officials are also slated to speak today.
Technically, December gold bears have the slight overall near-term technical advantage. However, a price downtrend on the daily bar chart is now in jeopardy. 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 at the November low of $2,541.50. First resistance is seen at the overnight high of $2,645.30 and then at $2,650.00. First support is seen at the overnight low of $2,621.90 and then at $2,600.00. Wyckoff's Market Rating: 4.5.
December silver futures bears have the slight overall near-term technical advantage. Prices are still trending down on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $33.00. The next downside price objective for the bears is closing prices below solid support at the November low of $29.75. First resistance is seen at this week’s high of $31.615 and then at $32.00. Next support is seen at the overnight low of $30.89 and then at $30.50. Wyckoff's Market Rating: 4.5
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