Bullish charts propel gold, silver prices strongly higher

(Kitco News, Wed. Nov. 11th, 2025) – Gold and silver prices are posting very sharp gains, with gold and silver hitting three-week highs and silver near its record high in midday U.S. trading Wednesday. The near-term technical postures for gold and silver have turned more bullish recently, which is inviting the chart-based speculators to play the long sides of both markets. The U.S. government will be likely be reopening within 24 hours and that has also boosted the precious metals markets. A resumption of U.S. economic data flows may better pave the way for a Federal Reserve interest rate cut in December. December gold was last up $73.80 at $4,189.00. December silver prices were up $2.111 at $52.86.

The U.S. House of Representatives members are returning to Washington, D.C. today for a vote to end the 43-day U.S. government shutdown. House Speaker Mike Johnson said he believes the legislation, a hard-fought compromise forged in the Senate and endorsed by President Trump, will pass quickly. “But he’ll need to keep his fractious party in line in the face of stiff resistance from House Democrats whose leaders are urging them to vote against the legislation,” reports Bloomberg.

The key outside markets today see the U.S. dollar index slightly higher. Crude oil prices are sharply down and trading around $58.86 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.1%.

Note: The gold market operates through two primary pricing mechanisms. The first is the spot market, which quotes prices for on-the-spot purchase and immediate delivery. The second is the futures market, which sets prices for delivery at a future date. Due to year-end positioning market liquidity, the December gold futures contract is currently the most actively traded on the CME.

Technically, December gold futures bulls’ next upside price objective is to produce a close above solid resistance at $4,300.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $4,000.00. First resistance is seen at $4,200.00 and then at $4,250.00. First support is seen at the overnight low of $4,104.40 and then at $4,100.00.

December silver futures bulls have the solid overall near-term technical advantage and their next upside price objective is closing prices above solid technical resistance at the record high of $53.765. The next downside price objective for the bears is closing prices below solid support at this week’s low of $48.235. First resistance is seen at $53.765 and then at $54.00. Next support is seen at the overnight low of $50.76 and then at $50.00.

Posted by:

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com