(Kitco News) - Gold and silver prices are lower in early U.S. trading Friday on profit taking from the shorter-term futures traders after recent gains that pushed the two metals to four-week highs on Thursday. February gold was last down $13.90 at $2,737.00. March silver was down $0.62 at $31.105.
Asian and European stock markets were mixed to higher overnight. U.S. stock indexes are set to open firmer when the New York day session begins. The U.S. stock indexes have rallied this week, due in part to tame U.S. inflation reports released earlier this week. Meantime, The UK’s FTSE 100 hit a fresh all-time high Friday. The German DAX and Euro Stoxx 50 also hit record highs today.
In other news, China’s economy grew by 5% in 2024, boosted by better fourth-quarter expansion. The fourth quarter saw government stimulus and front-loading overseas shipments ahead of potential tariffs in the U.S.
Rio Tinto and Glencore held talks about combining their companies. If successful, it would be the largest-ever mining deal. Reports say the talks have ended.
The key outside markets today see the U.S. dollar index slightly up. Nymex crude oil futures prices are slightly up and are trading around $78.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.584%.
U.S. economic due for release Friday includes new residential construction, Treasury international capital data, and industrial production and capacity utilization.
Technically, February gold futures bulls have the overall near-term technical advantage. Prices are trending up on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the December high of $2,761.30. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,650.00. First resistance is seen at $2,750.00 and then at this week’s high of $2,757.90. First support is seen at the overnight low of $2,729.40 and then at Thursday’s low of $2,720.40. Wyckoff's Market Rating: 7.0.
March silver futures bulls have the overall near-term technical advantage. Prices are now trending up on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the December high of $33.33. 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 $31.64 and then at $32.00. Next support is seen at $31.00 and then at $30.50. Wyckoff's Market Rating: 6.0.
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