(Kitco News, Wed. Sep. 20th, 2023 ) – Gold and silver prices are not straying too far from unchanged in early U.S. trading Wednesday. The precious metals traders are awaiting this afternoon’s conclusion of the two-day FOMC meeting. Volatility in many markets could heat up in the immediate aftermath of the FOMC statement and Fed Chair Powell’s press conference. December gold was last up $0.40 at $1,954.10 and December silverwas up $0.124 at $23.58.
Asian and European stocks were mixed overnight. U.S. stock indexes are pointed to slightly firmer openings when the New York day session begins. Today is the main event for the marketplace this week: the Federal Reserve’s Open Market Committee (FOMC) meeting that began Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chairman Jerome Powell. Most look for the FOMC to stand pat on U.S. monetary policy, but still sound a hawkish tone.
In overnight news, the marketplace was a bit disappointed that China’s central bank decided to leave its key interest rates unchanged, despite its listing economy.
The key outside markets today see the U.S. dollar index slightly weaker. Nymex crude oil prices are lower and trading around $90.50 a barrel. There are higher odds Nymex crude oil prices will hit $100 a barrel in the coming weeks. The benchmark U.S. Treasury 10-year note yield is presently fetching 4.343%.
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Oil prices hit nearly one-year high as it marches towards $100 |
Other U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey and the weekly DOE liquid energy stocks report.
Gold Price in US Dollars
Sep 20, 2023 13:05 NY Time
Bid
1,946.70
+15.80 (+0.82%)
Ask
1,947.70
Technically, the gold futures bears have the firm overall near-term technical advantage. Prices are in a four-month-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in December futures above solid resistance at the September high of $1,980.20. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the August low of $1,913.60. First resistance is seen at this week’s high of $1,958.90 and then at $1,975.00. First support is seen at today’s low of $1,948.60 and then at this week’s low of $1,943.80.
![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. However, there are stiff technical support layers just below the market that may well halt the decline. Silver bulls’ next upside price objective is closing December futures prices above solid technical resistance at $25.00. The next downside price objective for the bears is closing prices below solid support at $22.00. First resistance is seen at this week’s high of $23.705 and then at $24.00. Next support is seen at this week’s low of $23.235 and then at $23.00.
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com