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Gold up a bit, silver weaker in quieter, consolidative trade

Kitco Media
By Jim Wyckoff
Published
Updated
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Gold up a bit, silver weaker in quieter, consolidative trade teaser image

(Kitco News) - Gold prices are posting mild gains and silver prices are modestly lower in midday U.S. trading Thursday. Some chart consolidation is featured in quieter dealings today. June gold was last up $6.70 at $4,830.40. May silver prices were down $0.533 at $79.08.

The key outside markets see Nymex WTI crude oil prices higher and trading around $93.50 a barrel. The U.S. dollar index is firmer. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.3 percent.

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.

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Technically, June gold futures bulls’ next upside price objective is to produce a close above solid resistance at $5,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,500.00. First resistance is seen at this week’s high of $4,895.40 and then at $4,950.00. First support is seen at today’s low of $4,792.10 and then at $4,750.00. Wyckoff's Market Rating: 6.5.

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May silver futures bulls see their next upside price objective is closing prices above solid technical resistance at $85.00. The next downside price objective for the bears is closing prices below solid support at $70.00. First resistance is seen at this week’s high of $81.155 and then at $82.50. Next support is seen at $77.00 and then at $75.00. Wyckoff's Market Rating: 6.5.

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Kitco Media

Jim Wyckoff

Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York. As a journalist, he has covered every futures market traded in the U.S., at one time or another.

Jim is the proprietor of the "Jim Wyckoff on the Markets" analytical, educational and trading advisory service. Jim also worked as a technical analyst for Dow Jones Newswires and as the senior market analyst with TraderPlanet.com. Jim is also a consultant with the highly respected "Pro Farmer" agricultural advisory service. Jim was also the head equities analyst at CapitalistEdge.com. He received his degree from Iowa State University in Ames, Iowa, where he studied journalism and economics.

Follow Jim daily on Kitco.com as he provides both AM and PM roundups and a daily Technical Special. 1 877 963-NEWS jwyckoff at kitco.com

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Tags:

U.S. dollar indexgoldsilverJune gold futuresMay silver futuresNymex WTI crude oil10-year U.S. Treasury

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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.