Price pauses for gold, silver, but bulls confident

Date:

(Kitco News) – Gold and silver prices are near steady in early U.S. trading Friday. March silver hit a four-month high overnight. The two precious metals are pausing amid some chart consolidation heading into the weekend. Gold and silver bulls hold the firm near-term technical advantage. February gold was last up $0.30 at $2,057.50. March silver was last down $0.07 at $25.59.

Asian stock markets were mixed to weaker and European shares mostly firmer in overnight trading, on this first day of the last month of 2023. U.S. stock indexes are pointed toward mixed openings when the New York day session begins.

In overnight news, the truce between Israel and Hamas expired. Israel has resumed military operations in Gaza.

OPEC-plus has agreed to cut another 1 million barrels per day of its collective crude oil production, but Nymex crude oil prices Thursday sold off on the news.

The Euro zone November manufacturing purchasing managers index (PMI) came in at 44.2 versus 43.1 in October. A reading below 50.0 suggests contraction in the sector.

The key outside markets today see the U.S. dollar index a bit weaker. Nymex crude oil prices are near steady and trading around $76.00 a barrel. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 4.338%.



U.S. economic data due for release Friday includes the U.S. manufacturing purchasing managers index (PMI), the global manufacturing PMI, the ISM report on business manufacturing, construction spending and domestic auto industry sales. Fed Chairman Powell is also slated to speak at a college today.

Live 24 hours gold chart [Kitco Inc.]

Technically, the gold futures bulls have the firm overall near-term technical advantage. Prices are in a two-month-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in March futures 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 the overnight high of $2,069.70 and then at this week’s high of $2,072.70. First support is seen at $2,050.00 and then at this week’s low of $2,030.00. Wyckoff’s Market Rating: 7.0.

Live 24 hours silver chart [ Kitco Inc. ]

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 March futures 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 the overnight high of $25.87 and then at $26.00. Next support is seen at $25.245 and then at $25.00. Wyckoff’s Market Rating: 7.0.

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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