(Kitco, Fri. Aug. 18th, 2023) – 1The gold and silver markets have been pressure recently in part due to rising U.S. Treasury yields and a rally in the U.S. dollar index. This week, the 10-year U.S. Treasury note yield hit the highest level in 15 years. The U.S. dollar index hit a nine-week high on Thursday. The key outside markets today see the U.S. dollar index a bit weaker on a corrective pullback from the recent gains. Nymex crude oil prices are slightly down and trading around $80.25 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 4.23%, down a bit from this week’s high.
There is no major U.S. economic data due for release Friday.
Gold Price in US Dollars
Aug 18, 2023 11:28 NY Time
Bid
1,892.00
+3.00 (+0.16%)
Ask
1,893.00
Technically, the gold futures bears have the firm overall near-term technical advantage. Prices are in a three-week-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in December futures above solid resistance at $1,980.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at Thursday’s high of $1,933.50 and then at Wednesday’s high of $1,938.20. First support is seen at this week’s low of $1,914.20 and then at $1,900.00. Wyckoff’s Market Rating: 3.5.
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
The silver bears have the overall near-term technical advantage. Prices are trending lower on the daily bar chart. Silver bulls’ next upside price objective is closing September futures pricesabove solid technical resistance at $24.00. The next downside price objective for the bears is closing prices below solid support at $20.00. First resistance is seen at this week’s high of $23.07 and then at $23.255. Next support is seen at Thursday’s low of $22.39 and then at this week’s low of $22.265.
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com