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Gold gains as U.S Treasury yields dip, USDX solidly down

Kitco Media
By Jim Wyckoff
Published
Updated
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Gold gains as U.S Treasury yields dip, USDX solidly down teaser image

(Kitco News) - Gold prices are solidly higher in midday U.S. trading Wednesday. A sharply lower U.S. dollar index and a down-tick in U.S. Treasury yields at mid-week are boosting the yellow metal. Silver prices are weaker. December gold was last up $21.10 at $2,642.20 and December silver was down $0.27 at $30.135.

The U.S. Thanksgiving holiday is Thursday and U.S. markets are closed. Friday’s trade is likely to be more subdued and is usually one of the lightest-volume trading days of the year across the marketplace.

The key outside markets today see the U.S. dollar index sharply lower on a continued corrective pullback after hitting a two-year high last Friday. There are now near-term technical clues the USDX has put in a market top. Nymex crude oil futures prices are weaker and trading around $68.25 a barrel. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently around 4.26%.

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Technically, December gold bulls have the slight overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at this week’s high of $2,723.20. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,600.00. First resistance is seen at today’s high of $2,657.90 and then at $2,675.00. First support is seen at today’s low of $2,627.20 and then at this week’s low of $2,605.30. Wyckoff's Market Rating: 5.5.

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December silver futures bears have the slight overall near-term technical advantage. Bears are working to restart a price downtrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $32.00. 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 today’s high of $30.75 and then at $31.00. Next support is seen at today’s low of $29.99 and then at $29.75. 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

Kitco Media

Jim Wyckoff

Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York. As a journalist, he has covered every futures market traded in the U.S., at one time or another.

Jim is the proprietor of the "Jim Wyckoff on the Markets" analytical, educational and trading advisory service. Jim also worked as a technical analyst for Dow Jones Newswires and as the senior market analyst with TraderPlanet.com. Jim is also a consultant with the highly respected "Pro Farmer" agricultural advisory service. Jim was also the head equities analyst at CapitalistEdge.com. He received his degree from Iowa State University in Ames, Iowa, where he studied journalism and economics.

Follow Jim daily on Kitco.com as he provides both AM and PM roundups and a daily Technical Special. 1 877 963-NEWS jwyckoff at kitco.com

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