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Safe-haven bids fuel advances higher gold, silver markets
2023-10-31 07:01:53

Safe-haven bids fuel advances higher gold, silver markets

Kitco News

(Kitco News) - Gold and silver prices are higher in midday U.S. trading Monday, boosted by safe-haven demand amid the Israel-Hamas war and the potential for a wider Middle East conflict. Some notions the Federal Reserve may be done raising interest rates are also a bullish element for the metals markets. December gold was last up $10.70 at $2,009.20. December silver was last up $0.538 at $23.42.

Risk appetite has upticked a bit to start the trading week, as seen by a rally in the U.S. stock market. This comes despite Israel beginning its anticipated ground war against Hamas in Gaza. The "smart money” knows there is still the serious potential for this conflict to escalate to include other countries, including the U.S. That's keeping a floor under safe-haven gold and silver.

Focus this week is also on central bank meetings of the Federal Reserve, the Bank of England and the Bank of Japan. The Fed's FOMC meeting begins Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chairman Powell. Most of the marketplace expects the FOMC to pause in its interest-rate-increase cycle. Later this week comes the U.S. employment situation report for October.

Reads a Wall Street Journal story today by Nick Timiraos, known to Fed watchers as the closest press link to the U.S. central bank: "Higher bond yields could end the Fed's historic rate rises.” In the story Timiraos said the recent sharp rise in U.S. Treasury yields has helped to crimp consumer and commercial borrowing and thereby has reduced inflationary pressures. That could mean no more rate hikes from the Fed.



The key outside markets today see the U.S. dollar index solidly down. Nymex crude oil prices are sharply lower and trading around $82.75 a barrel. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 4.894%.

Live 24 hours gold chart [Kitco Inc.]

Technically, December gold futures prices hit a three-month high Friday. The bulls have the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at $2,050.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,950.00. First resistance is seen at last week's high of $2,019.70 and then at the July high of $2,028.60. First support is seen at Friday's low of $1,986.40 and then at $1,973.60. Wyckoff's Market Rating: 6.5.

Live 24 hours silver chart [ Kitco Inc. ]

December silver futures bulls have the overall near-term technical advantage. A four-week-old price uptrend is in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $24.05. The next downside price objective for the bears is closing prices below solid support at $22.00. First resistance is seen at $23.75 and then at the October high of $23.88. Next support is seen at today's low of $23.135 and then at $23.00. Wyckoff's Market Rating: 6.0.

December N.Y. copper closed up 235 points at 366.95 cents today. Prices closed near mid-range today and hit a four-week high. The copper bears have the overall near-term technical advantage. However,  a choppy, three-month-old downtrend on the daily bar chart has been negated. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 378.60 cents. The next downside price objective for the bears is closing prices below solid technical support at 350.00 cents. First resistance is seen at today's high of 371.00 cents and then at 375.00 cents. First support is seen at today's low of 364.00 cents and then at 360.00 cents. Wyckoff's Market Rating: 2.5.





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