Price gains for gold, silver on safe-haven bids

(Kitco News, Fri. Nov. 22nd, 2024) – Gold and silver prices are solidly higher in early U.S. trading Friday, on more safe-haven buying interest to end the trading week. Gold is on course for the biggest weekly price gain in 13 months. Technical buying is also featured in both metals as their chart postures have improved this week. December gold was last up $30.70 at $2,705.60 and December silver was up $0.467 at $31.41.

Risk appetite in the general marketplace has down-ticked this week as the Russia-Ukraine war is heating up, what with both sides employing longer-range missiles and Russia threatening to use its nuclear arsenal.

Meantime, Bloomberg reports currency traders are betting that President-elect Donald Trump’s policy agenda “is about to jumpstart volatility. Hedge funds are scooping up options contracts that pay out if currency swings increase and strategists have dramatically revised their forecasts.”

Asian and European stock markets were mixed overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins.

The key outside markets today see the U.S. dollar index solidly higher and hitting a two-year high. Nymex crude oil futures prices are weaker and trading around $69.75 a barrel. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently 4.39%.

U.S. economic data due for release Friday includes the U.S. flash manufacturing and services purchasing managers indexes, and the University of Michigan consumer sentiment survey.

Technically, December gold bulls have gained the overall near-term technical advantage. Prices are starting to trend up again. Bulls’ next upside price objective is to produce a close above solid resistance at $2,750.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $2,618.80. First resistance is seen at the overnight high of $2,712.40 and then at $2,725.00. First support is seen at the overnight low of $2,670.10 and then at Thursday’s low of $2,651.60.

December silver futures bulls and bears are back on a level overall near-term technical playing field. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $33.00. The next downside price objective for the bears is closing prices below solid support at the November low of $29.75. First resistance is seen at this week’s high of $31.615 and then at $32.00. Next support is seen at $31.00 and then at Thursday’s low of $30.715.

Posted by:

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com