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Gold, silver rally after tamer U.S. CPI hammers USDX, Treasury yields
2023-11-15 05:35:06

Gold, silver rally after tamer U.S. CPI hammers USDX, Treasury yields

Kitco News

(Kitco News) - Gold and silver prices are solidly higher in midday U.S. trading Tuesday, following a key U.S. inflation report this morning that came in tamer than market expectations and in turn sunk the U.S. dollar index and dropped U.S. Treasury yields. Short covering in the gold and silver futures markets was featured today, along with some perceived bargain hunting in the cash markets. December gold was last up $17.40 at $1,967.50. December silver was last up $0.837 at $23.20.

Today’s U.S. data point of the week saw the consumer price index report for October come in at up 3.2%, year-on-year. CPI was forecast at up 3.3%, year-on-year, versus a gain of 3.7% in the September report. The core CPI rate was up 4.0% in October, compared to the consensus forecast of up 4.1% and up 4.1% in the September CPI report. This data falls into the camp of the U.S. monetary policy doves, who want to see the Federal Reserve halt its interest-rate-tightening cycle. U.S. Treasury yields solidly down-ticked on the CPI data and the U.S. dollar index sold off sharply. The U.S. stock indexes rallied strongly on the CPI news.

In other news, U.S. President Joe Biden and Chinese leader Xi Jinping will meet Wednesday during the Asia-Pacific Economic Cooperation summit in San Francisco. The White House cited a resumption of U.S./China military communications as a priority. Iran is also on the agenda, including the question of Iran’s nuclear program. A potential thawing of heretofore icy U.S.-China relations also has traders and investors with more upbeat attitudes this week.

U.S. lawmakers are once again scrambling to pass a measure to fund the federal government. This time the deadline is midnight Friday. This is “old hat” for the marketplace and markets are so far not reacting much to a potential U.S. government shutdown.

The key outside markets today see the U.S. dollar index sharply lower and hitting a nine-week low. Nymex crude oil prices are higher and trading around $79.00 a barrel. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 4.49%.

Live 24 hours gold chart [Kitco Inc.]

Technically, December gold futures bulls and bears are on a level overall near-term technical playing field. Bulls’ next upside price objective is to produce a close above solid resistance at $2,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at $1,985.00 and then at $2,000.00. First support is seen at $1,950.00 and then at this week’s low of $1,935.60. Wyckoff's Market Rating: 5.0.

Live 24 hours silver chart [ Kitco Inc. ]

December silver futures bears still have the slight overall near-term technical advantage. Prices are still trending lower on the daily bar chart but now just barely. 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 the October low of $20.85. First resistance is seen at $23.50 and then at $23.88. Next support is seen at $22.50 and then at this week’s low of $21.925. Wyckoff's Market Rating: 4.5.

December N.Y. copper closed up 395 points at 370.55 cents today. Prices closed nearer the session high today. The copper bears still have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 380.00 cents. The next downside price objective for the bears is closing prices below solid technical support at the October low of 351.95 cents. First resistance is seen at the November high of 372.55 cents and then at 378.60 cents. First support is seen at today’s low of 364.90 cents and then at this week’s low of 358.00 cents. Wyckoff's Market Rating: 3.5.

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 .





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