(Kitco News) - Gold and silver prices are steady to weaker on some mild profit-taking pressure near midday Wednesday. Both metals hit all-time record highs overnight. Safe-haven demand and bullish technical charts have propelled the two metals into the stratosphere. Retail gold and silver traders also presently have a severe case of FOMO (fear of missing out) on these major bull moves. The late-comers on the long sides of gold and silver are playing with fire and may get their fingers burned. February gold was last down $12.30 at $4,494.00. March silver prices were up $0.038 at $71.175.
Platinum this week has soared to an all-time high, trading above $2,300 an ounce for the first time on tight supplies and historically elevated borrowing costs. The metal has advanced more than 150% this year, the biggest annual gain since Bloomberg began compiling data in 1987. Platinum is on course for a third annual deficit this year, due to supply disruptions in major producer South Africa.
The key outside markets today see the U.S. dollar index near up slightly. Crude oil prices are near steady and trading around $58.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.15%.
Note: The gold market operates through two primary pricing mechanisms. The first is the spot market, which quotes prices for on-the-spot purchase and immediate delivery. The second is the futures market, which sets prices for delivery at a future date. Due to year-end positioning market liquidity, the December gold futures contract is currently the most actively traded on the CME.
Technically, February gold futures bulls’ next upside price objective is to produce a close above solid resistance at $4,600.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,300.00. First resistance is seen at the overnight record high of $4,555.10 and then at $4,575.00. First support is seen at today’s low of $4,474.30 and then at $4,433.00. Wyckoff's Market Rating: 9.5.
March silver futures bulls’ next upside price objective is closing prices above solid technical resistance at $75.00. The next downside price objective for the bears is closing prices below solid support at $65.00. First resistance is seen at the overnight record high of $72.75 and then at $73.00. Next support is seen at $70.00 and then at $69.00. Wyckoff's Market Rating: 9.5.
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