Gold, silver posting modest gains amid bullish technicals

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(Kitco News) – Gold and silver prices are firmer near midday Wednesday. February gold futures hit a six-month high overnight, while March silver notched a three-month high. The two precious metals are being boosted by increasingly bullish near-term chart postures. A recently slumping U.S. dollar index that overnight hit a 3.5-month low is also a bullish outside market element for the metals markets. February gold was last up $3.90 at $2,064.10. March silver was last up $0.138 at $25.44.

(In my weekly Front Burner email report today, I detailed the price prospects for gold and silver in the coming weeks, and they are bullish. If you did not get it and are not signed up, send me an email at [email protected] and I’ll forward it to you.)

U.S. economic data released today had little impact on the gold and silver markets. The second estimate of third-quarter GDP came in just a little higher than the first estimate. The personal consumption expenditures (PCE) inflation readings were just slightly less than the first GDP estimates.

Asian and European markets were mixed to firmer in overnight trading. U.S. stock indexes are firmer in late-morning dealings.



The key outside markets today see the U.S. dollar index slightly higher. Nymex crude oil prices are slightly higher and trading around $76.75 a barrel. An OPEC-plus meeting takes place this week. Reports say there have been cartel member disagreements on whether to further cut collective crude oil production. There is now no clear marketplace consensus on what OPEC will announce regarding its overall oil production. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 4.28% and has fallen this week.

Live 24 hours gold chart [Kitco Inc.]

Technically, February gold futures prices hit another six-month high today. The bulls have the firm overall near-term technical advantage. Prices are in a seven-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,100.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $2,000.00. First resistance is seen at today’s high of $2,072.70 and then at $2,085.00. First support is seen at $2,050.00 and then at $2,039.70. Wyckoff’s Market Rating: 7.0

Live 24 hours silver chart [ Kitco Inc. ]

March silver futures prices hit a three-month high today. The silver bulls have the firm overall near-term technical advantage. Prices are in a two-month-old uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the July high of $26.10. The next downside price objective for the bears is closing prices below solid support at $23.50. First resistance is seen at today’s high of $25.68 and then at the August high of $25.775. Next support is seen at $25.00 and then at this week’s low of $24.68. Wyckoff’s Market Rating: 7.0.

March N.Y. copper closed down 40 points at 383.55 cents today. Prices closed near the session low today and hit a 2.5-month high early on. The copper bulls have the overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the September high of 392.65 cents. The next downside price objective for the bears is closing prices below solid technical support at the November low of 362.60 cents. First resistance is seen at today’s high of 386.45 cents and then at 390.00 cents. First support is seen at this week’s low of 378.60 cents and then at 375.80 cents. Wyckoff’s Market Rating: 6.0.

Try out my “Markets Front Burner” email report. My next one is due out today and is going to be entitled, “When China sneezes…” Front Burner is my best writing and analysis, I think, because I get to look ahead at the marketplace and do some market price forecasting. And it’s free! Sign up to my new, free weekly Markets Front Burner newsletter, at  https://www.kitco.com/services/markets-front-burner.html .

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.

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