(Kitco News) - Gold and silver prices are higher near midday Thursday, with gold scoring a three-week high and silver a five-week peak. Both markets are being supported by technical buying as their near-term chart postures have become more bullish recently. Losses in the U.S. dollar index today are also a positive for the two precious metals. December gold was last up $12.60 at $3,461.30. September silver prices were up $0.232 at $38.95.
Today’s second estimate of U.S. second-quarter GDP report that showed the U.S. economy expanded at a slightly faster pace than initially estimated had no significant impact on the markets, including the metals. Inflation-adjusted gross domestic product increased at a 3.3% annualized pace. That compares with an initially reported 3% increase.
The key outside markets today see the U.S. dollar index modestly lower, with crude oil prices weaker and trading around $63.75 a barrel.
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 $3,480.00 and then at $3,500.00. First support is seen at Wednesday’s low of $3,422.20 and then at $3,400.00. Wyckoff's Market Rating: 7.0.
September silver futures bulls have the solid 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 $39.50 and then at $39.91. Next support is seen at the overnight low of $38.68 and then at $38.00. Wyckoff's Market Rating: 7.5.
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