(Kitco News) - Gold and silver prices are higher in early U.S. trading Tuesday, as traders await a two-day onslaught of U.S. economic data releases. December gold was last up $36.80 at $4,130.30. December silver prices were up $0.629 at $50.99.
A very heavy slate of U.S. economic data due out today includes September weekly USDA export sales, the USDA outlook for U.S. agricultural trade, retail sales, the September producer price index, pending homes sales, the Richmond Fed business survey, the monthly house price index, the consumer confidence index, manufacturing and trade inventories and the monthly Treasury budget statement. Wednesday comes the weekly jobless claims report, durable goods orders, the second estimate of third-quarter GDP, the advance economic indicators report, the Chicago ISM business survey, personal income and outlays (including the key inflation gauges), new residential sales, the weekly DOE liquid energy stocks report, and the Federal Reserve’s beige book.
Global stock markets were mostly firmer overnight. U.S. stock indexes are set to open narrowly mixed when the New York day session begins.
U.S., Russian officials meet to discuss Russia-Ukraine peace deal. A U.S. official is in Abu Dhabi for meetings with a Russian delegation as President Trump cited progress on his peace proposal and Moscow and Ukraine carried out airstrikes overnight. U.S. Army Secretary Dan Driscoll met with Russian officials in Abu Dhabi for several hours on Monday night and held talks with them on Tuesday as well, according to a U.S. official and as reported by Bloomberg. Kremlin spokesman Dmitry Peskov said he had nothing to say on reports of the meeting, according to the Interfax news service. The talks occurred after Trump suggested in a social media post that “big progress” was being made on a deal for Ukraine. His comment signaled that Secretary of State Marco Rubio and Ukrainian officials who met Sunday in Geneva made advances in defusing the vehement opposition from Kyiv and its European allies to a 28-point peace proposal the White House team floated last week. Moscow and Kyiv exchanged fire overnight with heavy air raids on Kyiv and assaults on southern Russian areas.
Trump, Xi had upbeat phone conversation Monday… President Trump and Chinese President Xi Jinping on Monday held their first talks since agreeing to a tariff truce last month, discussing trade, Taiwan and Russia’s invasion of Ukraine. Trump said he agreed to visit Beijing in April, and that he had invited Xi for a state visit next year. “Our relationship with China is extremely strong!” Trump posted on social media. “There has been significant progress on both sides in keeping our agreements current and accurate. Now we can set our sights on the big picture.” Xi told Trump that the return of Taiwan to China is a key part of the post-World War II international order, according to a Chinese Foreign Ministry statement. The Chinese leader also said the two countries should keep the positive momentum generated during their meeting last month in South Korea and expand cooperation, the statement said. The leaders also spoke about Russia’s invasion of Ukraine and Xi expressed hope for the two sides to reach a binding peace agreement, the ministry said.
The key outside markets today see the U.S. dollar index near steady. Crude oil prices are slightly down and trading around $58.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.03%.
Technically, December gold futures bulls’ next upside price objective is to produce a close above solid resistance at the November high of $4,250.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,000.00. First resistance is seen at the overnight high of $4,152.00 and then at $4,200.00. First support is seen at $4,100.00 and then at $4,050.00. Wyckoff's Market Rating: 6.5.
December silver futures bulls have the overall near-term technical advantage. Their next upside price objective is closing prices above solid technical resistance at the record high of $54.415. The next downside price objective for the bears is closing prices below solid support at $47.00. First resistance is seen at the overnight high of $51.51 and then at $52.00. Next support is seen at the overnight low of $50.425 and then at $50.00. Wyckoff's Market Rating: 6.5.
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