(Kitco News), Wed. Oct. 25th, 2023) – Gold and silver prices are steady to a bit weaker in early U.S. trading Wednesday. Trader and investor attention is no longer keenly fixated on the Israel-Hamas war. That means more normal market factors are in place. Today, the metals markets are seeing buying interest limited due to this week’s rally in the U.S. dollar index and a slight uptick in U.S. Treasury yields at mid-week. December gold was last down $0.40 at $1,985.70. December silver was last down $0.136 at $22.98.

Asian and European stocks were mixed overnight. U.S. stock indexes are pointed to mostly weaker openings when the New York day session begins.

In overnight news, China’s government ramped up efforts to stimulate the world’s second-largest economy by issuing 1 trillion ($137 billion) in sovereign bonds to upgrade infrastructure. The news rallied Chinese stock markets.

In other China news, Bloomberg reported the big Chinese property developer Country Garden defaulted on its dollar debt for the first time after failing to complete the payment within a grace period that ended last week.

The key outside markets today see the U.S. dollar index higher. Nymex crude oil prices are slightly down and trading around $85.50 a barrel. The yield on the benchmark U.S. Treasury 10-year note yield is presently fetching 4.863%.

The U.S. debt crisis: Would the government ‘engineer’ a way to inflate its way out of the $33 trillion debt crisis? – Stephan Livera

U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, new residential sales and the weekly DOE liquid energy stocks report.

Live Gold Price

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 this week’s low of $1,964.60 and then at $1,957.00.

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 Tuesday’s high of $23.35 and then at this week’s high of $23.505. Next support is seen at this week’s low of $22.805 and then at $22.555.

Posted by:

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com