(Kitco News, Tues. Oct. 24th, 2023) – Gold and silver prices are weaker again in early U.S. trading Tuesday, on more corrective and consolidative price pressure following recent gains. A higher U.S. dollar index and an uptick in U.S. Treasury yields today are bearish daily outside market elements for the precious metals. December gold was last down $13.50 at $1,974.30. December silver was last down $0.23 at $22.98.
Asian and European stocks were mixed overnight, with Asian shares mostly up and European shares mostly down. U.S. stock indexes are pointed to higher openings when the New York day session begins.
There has been no major military escalation in the Israel-Hamas war this week, which has allowed the marketplace to better focus on other matters and to inject a bit more risk appetite into the markets. However, most veteran market watchers know this Middle East situation has the high potential to flare up very quickly and roil the marketplace.
The key outside markets today see the U.S. dollar index higher. Nymex crude oil prices are near steady and trading around $85.50 a barrel. The yield on the benchmark U.S. Treasury 10-year note yield is presently fetching 4.857%.
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Gold price to see wild $100+ daily gains, Bitcoin rally to follow, if Middle East tensions escalate and spillover into ‘unmitigated disaster’ – Larry Lepard |
U.S. economic data due for release Tuesday includes the weekly Johnson Redbook retail sales report, the U.S. flash services and manufacturing PMIs, and the Richmond Fed business activity survey.
Gold Price in US Dollars
Oct 24, 2023 12:17 NY Time
Bid
1,971.20
-1.10 (-0.06%)
Ask
1,972.20
Technically, the gold futures bulls have the near-term technical advantage. Prices are trending higher on the daily bar chart. Bulls’ next upside price objective is to produce a close in December futures above solid resistance at $2,050.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at this week’s high of $1,994.30 and then at $2,000.00. First support is seen at the overnight low of $1,964.60 and then at $1,957.00. Wyckoff’s Market Rating: 6.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
The silver bulls have the overall near-term technical advantage. Prices are trending higher on the daily bar chart. Silver bulls’ next upside price objective is closing December futures prices above solid technical resistance at $24.00. The next downside price objective for the bears is closing prices below solid support at $22.00. First resistance is seen at this week’s high of $23.505 and then at last week’s high of $23.88. Next support is seen at the overnight low of $22.805 and then at $22.555.
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com