(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.
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.
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.
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