(Kitco News) - Gold prices are sharply up in midday U.S. trading Monday and hit another record high. Silver prices are also up and notched another 14-year high. The powerful but mature bull market runs in gold and silver are accelerating. That’s one early clue that from a time perspective, major market tops could come sooner rather than later. However, from a price perspective, there still could be much more room on the upside for gold and silver prices during this acceleration phase of the mature bull markets, before they peter out for a while. December gold was last up $38.40 at $3,811.60. December silver prices were up $0.331 at $44.45.
In overnight news, Bloomberg reports China aims to become the custodian of foreign sovereign gold reserves to strengthen its standing in the global bullion market. The People's Bank of China is using the Shanghai Gold Exchange to court central banks in friendly countries to buy bullion and store it within the country's borders. The move would enhance Beijing's role in the global financial system, furthering its goal of establishing a world that's less dependent on the dollar and Western centers, said Bloomberg.
Fed Chair Jerome Powell speaks today on the economic outlook at a Greater Providence Chamber of Commerce 2025 Economic Outlook Luncheon. Fed Vice Chair for Supervision Michelle Bowman speaks at the 134th Annual Kentucky Bankers Association Convention.
The key outside markets today see the U.S. dollar index near steady, while crude oil prices are up and trading around $63.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.13%.
Technically, December gold futures bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,900.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $3,650.00. First resistance is seen at $3,825.00 and then at $3,850.00. First support is seen at the overnight low of $3,772.40 and then at this week’s low of $3,718.10. Wyckoff's Market Rating: 9.5.
December silver futures bulls have the strong 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 $41.00. First resistance is seen at $45.00 and then at $45.50. Next support is seen at the overnight low of $43.97 and then at this week’s low of $43.37. Wyckoff's Market Rating: 9.0.
(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, Gold prices are sharply up in early U.S. trading Monday and hit another record high. Silver prices are also up and notched another 14-year high. The powerful but mature bull market runs in gold and silver are accelerating. That’s one early clue that from a time perspective, major market tops could come sooner rather than later. However, from a price perspective, there still could be much more room on the upside for gold and silver prices during this acceleration phase of the mature bull markets, before they peter out for a while. December gold was last up $40.80 at $3,815.90. December silver prices were up $0.361 at $44.575.
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