(Kitco News) - Gold and silver prices are modestly up in subdued early U.S. trading Thursday. It’s likely to be another quiet U.S. trading session in most markets following the Christmas holiday Wednesday. February gold was last up $6.30 at $2,641.80 and March silver was up $0.047 at $30.33.
Asian and European stock indexes were mixed overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins. The day after the Christmas holiday is typically one of the quietest, lowest-volume trading days for the stock market and other markets.
In overnight news, the World Bank raised its forecast for China's economic growth in 2024 and 2025, but warned that less household and business confidence, along with troubles in the property sector, would keep growth constrained. Recent policy easing and near-term export strength have the World Bank raising China’s GDP growth forecast to 4.9% this year, up from its June forecast of up 4.8%. Economic growth for 2025 is expected to fall to 4.5%.
The key outside markets today see the U.S. dollar index near steady. Nymex crude oil futures prices are slightly up and trading around $70.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.629%.
U.S. economic data due for release Thursday is light and includes the weekly jobless claims report.
Technically, February gold futures bulls and bears are on a level overall near-term technical playing field. 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 $2,565.00. First resistance is seen at $2,650.00 and then at $2,675.00. First support is seen at the overnight low of $2,634.10 and then at this week’s low of $2,624.20. Wyckoff's Market Rating: 5.0.
March silver futures bears have the overall near-term technical advantage. A two-month-old downtrend is in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $31.00. The next downside price objective for the bears is closing prices below solid support at the August low of $27.39. First resistance is seen at $30.50 and then at $31.00. Next support is seen at $30.00 and then at $29.50. Wyckoff's Market Rating: 3.5
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