Kitco News) – Gold and silver prices are lower in midday U.S. trading Thursday. Little risk aversion in the marketplace at present is a negative for the safe-haven metals. Traders could also be evening up or getting out of futures positions ahead of Friday morning’s U.S. employment situation report from the Labor Department, which could cause some higher volatility in markets. The August non-farm payrolls component of the jobs report is expected to see growth of 720,000 workers compared to a rise of 943,000 non-farm jobs in July. October gold futures were last down $5.00 at $1,808.80. December Comex silver was last down $0.331 at $23.89 an ounce.
The U.S. stock indexes are firmer at midday, with S&P 500 and Nasdaq futures hear record highs. As the “summer doldrums” end next Tuesday when traders and investors come back to work after a three-day U.S. holiday weekend, focus may become keener on elements that could be unsettling for the market place, such as the surge in Covid cases, China’s government crackdown on its businesses that it says are making too much money, and North Korea’s nuclear program.
The key outside markets today see the U.S. dollar index slightly down. Nymex crude oil futures prices are higher and trading around $70.25 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching around 1.28%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif)
Technically, October gold futures bulls still have the overall near-term technical advantage. A price uptrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the August high of $1,833.40. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,750.00. First resistance is seen at this week’s high of $1,823.60 and then at $1,833.40. First support is seen at $1,800.00 and then at $1,779.20. Wyckoff’s Market Rating: 6.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
December silver futures bears have the overall near-term technical advantage. However, prices are in a fledgling uptrend. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $25.00 an ounce. The next downside price objective for the bears is closing prices below solid support at the August low of $22.35. First resistance is seen at this week’s high of $24.325 and then at $24.575. Next support is seen at this week’s low of $23.775 and then at $23.50. Wyckoff’s Market Rating: 4.0.
December N.Y. copper closed up 170 points at 429.50 cents today. Prices closed nearer the session high today. The copper bulls and bears are on a level overall near-term technical playing field. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the July high of 458.60 cents. The next downside price objective for the bears is closing prices below solid technical support at the August low of 396.65 cents. First resistance is seen at 435.00 cents and then at this week’s high of 441.80 cents. First support is seen at today’s low of 425.20 cents and then at 420.00 cents.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com