(Kitco News) - Gold prices are solidly higher and hit a two-week high in midday U.S. trading Thursday. More safe-haven demand is featured on geopolitical tension as the Russia-Ukraine war intensifies. Technical buying has also increased this week as the near-term chart posture continues to improve for the yellow metal. December gold was last up $20.50 at $2,672.20 and December silver was down $0.125 at $30.88.
The key outside markets today see the U.S. dollar index higher. Nymex crude oil futures prices are higher and trading around $69.50 a barrel. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently around 4.4%.
Technically, December gold bulls and bears are back on a level overall near-term technical playing field. A price downtrend on the daily bar chart has been negated. 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 $2,600.00. First resistance is seen at the overnight high of $2,676.20 and then at $2,700.00. First support is seen at the overnight low of $2,651.60 and then at Wednesday’s low of $2,621.90. Wyckoff's Market Rating: 5.0.
December silver futures bears have the slight overall near-term technical advantage. However, a price downtrend on the daily bar chart is in jeopardy. 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 the overnight high of $31.38 and then at this week’s high of $31.615. Next support is seen at today’s low of $30.715 and then at $30.50. Wyckoff's Market Rating: 4.5.
(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
