(Kitco News) - Gold and silver prices are higher in early U.S. trading 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 $14.60 at $3,464.40. September silver prices were up $0.467 at $39.18.
Global stock markets were mixed overnight. U.S. stock indexes are pointed to mixed openings when the New York day session begins.
In overnight news, Nvidia topped expectations on both revenue and profit in its quarterly report out Wednesday afternoon, but its roughly in-line outlook for the third quarter fell short of the “blowout” investors have grown used to. Shares slipped in after-hours trading, reflecting disappointment from a stock that has surged more than 30% this year and now represents over 7% of the S&P 500. The company remains the clear symbol of the AI boom, with Deutsche Bank noting its market capitalization equals 3.6% of global GDP — greater than the stock markets of Germany and France combined. Yet with valuations stretched and expectations elevated, the muted forecast underscored that even market darlings can give back ground when they fail to exceed the Street’s loftiest hopes.
Russia unleashed drone and missile strikes on Kyiv Thursday, killing 14 people, including three children, and injuring at least 48. Ukrainian air defense said Russia fired nearly 600 drones and 31 missiles in strikes across the country overnight, with 563 drones and 26 of the missiles shot down. Meantime, Ukraine said it hit two Russian oil refineries. Ukraine has intensified attacks on Russia’s energy industry over the past month, targeting multiple refineries and export infrastructure, creating a crisis in Russia’s domestic fuel market. The attacks came almost two weeks after President Trump abandoned U.S. demands for Russia to agree to a ceasefire to allow for peace talks at his summit with Russian President Putin in Alaska.
White House trade adviser Peter Navarro is pressuring India to halt its purchases of Russian oil, accusing New Delhi of funding the Kremlin's war campaign in Ukraine. The U.S. has doubled tariffs on India to 50%, which will hit more than 55% of goods shipped to the U.S., in an effort to secure concessions on trade and pressure Russia. Navarro said India's purchases of Russian oil at a discount help Russia and harm the U.S., which has to finance Ukraine, and that "everybody in America loses" because of India's actions. He called the Russia-Ukraine conflict “Modi’s war,” saying India’s Prime Minister Narendra Modi was funding Russia’s “war machine.”
The key outside markets today see the U.S. dollar index lower, with crude oil prices slightly down and trading around $64.00 a barrel.
U.S. economic data due for release Thursday includes the weekly jobless claims report, the second estimate for second-quarter GDP, pending home sales and the Kansas City Fed manufacturing survey.
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.
(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
