(Kitco News) - Gold prices are down a bit and have traded both sides of unchanged so far today, as position evening is featured early this week ahead of a major central bank confab in the western U.S. later in the week. December gold was last down $3.60 at $3,379.00. September silver prices were up $0.105 at $38.08.
The Kansas City Federal Reserve's annual Economic Policy Symposium begins Thursday evening in Jackson Hole, Wyoming, where Fed Chairman Jerome Powell is expected to unveil the Fed's new policy framework. Powell's speech could give the marketplace a new update on how much support there is to lower U.S. interest rates in September. Fed officials have become divided on when to resume rate cuts. Also, the Fed’s FOMC minutes are released on Wednesday afternoon.
The key outside markets today see the U.S. dollar index firmer, with crude oil prices slightly up and trading around $63.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.28%.
Technically, December gold futures bulls have the firm overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,500.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the July low of $3,319.20. First resistance is seen at the overnight high of $3,403.60 and then at $3,423.80. First support is seen at the overnight low of $3,368.00 and then at $3,350.00. Wyckoff's Market Rating: 7.0.
September silver futures bulls have the firm overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the July high of $39.91. The next downside price objective for the bears is closing prices below solid support at the July low of $36.28. First resistance is seen at $33.50 and then at $38.875. Next support is seen at last week’s low of $37.515 and then at $37.00. Wyckoff's Market Rating: 7.0.
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