(Kitco News) - Gold and silver prices are lower, with gold sharply down, in midday U.S. trading Thursday. More profit taking from the shorter-term futures traders is featured today, post-FOMC and after gold hit a record high and silver a 14-year high Tuesday. Both markets were due for downside price corrections after recent good gains. The corrective pullbacks may continue for a bit. December gold was last down $45.10 at $3,672.30. December silver prices were down $0.187 at $41.965.
The marketplace today is digesting the Federal Reserve’s FOMC cutting its fed funds trading range by a quarter-point, to 4.00 to 4.25%, Wednesday afternoon. The move was widely expected.
The key outside markets today see the U.S. dollar index solidly up, while crude oil prices are weaker and trading around $63.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.114%.
Technically, December gold futures bulls still have the solid overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,800.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $3,600.00. First resistance is seen at $3,700.00 and then at $3,715.00. First support is seen at today’s low of $3,660.50 and then at $3,650.00. Wyckoff's Market Rating: 8.0.
December 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 $45.00. The next downside price objective for the bears is closing prices below solid support at $40.00. First resistance is seen at $42.50 and then at $43.00. Next support is seen at this week’s low of $41.48 and then at $41.08. Wyckoff's Market Rating: 8.0.
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