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Bullish outside markets mildly support gold; U.S. jobs data on deck
2023-11-03 06:13:17

Bullish outside markets mildly support gold; U.S. jobs data on deck

Kitco News

(Kitco News) - Gold and silver prices are just slightly higher in midday U.S. trading Thursday. The precious metals are seeing a bit of support from bullish daily outside market forces that include a lower U.S. dollar index, higher crude oil prices and a sizeable dip in U.S. Treasury yields. December gold was last up $1.60 at $1,989.20. December silver was last up $0.05 at $22.845.

U.S. stock indexes are solidly higher at midday. The marketplace has mostly digested Wednesday’s FOMC meeting results and deeming them as containing no big surprises. The Fed did not raise U.S. interest rates, which was what the marketplace expected. Fed Chairman Jerome Powell hinted the central bank might be done raising interest rates for now but did not rule out future rate hikes.

A feature in the marketplace late this week has been the significant drop in U.S. Treasury yields. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 4.674%. A smaller bond issuance announcement from the U.S. Treasury this week and some weaker U.S. economic data this week have pushed Treasury yields lower. And, the FOMC statement and Powell press conference did not lean surprisingly hawkish on U.S. monetary policy.

The Bank of England today met on its monetary policy and no changes were made, as expected.

Friday comes the U.S. employment situation report for October. The key non-farm payrolls number is seen coming in at up 170,000 compared to a rise of 336,000 in the September report.


Geopolitical uncertainty and the Fed's 'higher for longer' approach will support elevated gold prices - State Street's George Milling-Stanley

The key outside markets today see the U.S. dollar index lower. Nymex crude oil prices are up and trading around $82.00 a barrel.

Live 24 hours gold chart [Kitco Inc.]

Technically, December gold futures 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 $2,000.00 and then at $2,010.00. First support is seen at this week’s low of $1,978.20 and then at $1,964.60. Wyckoff's Market Rating: 6.0.

Live 24 hours silver chart [ Kitco Inc. ]

December silver futures bulls have the slight overall near-term technical advantage. However, a four-week-old price uptrend on the daily bar chart has been negated. 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 today’s high of $23.24 and then at $23.50. Next support is seen at last week’s low of $22.565 and then at $22.25. Wyckoff's Market Rating: 5.5.

December N.Y. copper closed up 230 points at 367.20 cents today. Prices closed near mid-range today and closed at a four-week-high close. The copper bears still 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 this week’s high of 371.00 cents and then at 375.00 cents. First support is seen at this week’s low of 363.15 cents and then at 360.00 cents. Wyckoff's Market Rating: 3.0.





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