Gold price up; silver sets another all-time high

Global stock markets were mixed overnight. U.S. stock indexes are pointed to firmer openings when the New York day session begins.

In overnight news, U.S.-Russia peace talks constructive but much work remains: Russian official. Talks between Russian President Vladimir Putin and President Trump’s special envoy Steve Witkoff and son-in-law Jared Kushner on ending the fighting in Ukraine ended after nearly five hours on Tuesday, reports the Associated Press. Putin’s senior adviser Yuri Ushakov called the talks, hosted in Moscow, constructive but added that much work remains, as the Trump administration renews its push to broker a peace deal. Both sides agreed not to disclose the substance of the talks. Ukrainian President Volodymyr Zelenskyy, who said he expects to be briefed on the meeting by the U.S. delegation, is visiting Ireland in his travels to European allies.

Important U.S. economic data releases today. U.S. stock and financial markets were quieter overnight, ahead of the monthly ADP jobs report that is expected to show a deterioration in private-sector employment growth. The data has taken on added importance with official government releases still delayed. A separate report is likely to show slower growth in November services activity. “Instead of non-farm payrolls, people are going to look at ADP. Instead of the inflation numbers, they’re going to look at things like the ISM service print,” said Justin Onuekwusi, chief investment officer at St. James’s Place and as reported by Bloomberg. “Without that clear runway of data, sentiment is always going to be precarious,” he said.

U.S. Treasury market steadies. The yield on the benchmark 10-year U.S. Treasury note held around 4.08% overnight, pausing a recent rise as investors weigh the outlook for Federal Reserve policy. Markets are currently pricing in an 89% chance of a 0.25% rate cut next week at the Fed’s FOMC meeting, with about 0.9% of total Fed easing priced in for 2026. Expectations that White House economic adviser Kevin Hassett will likely be nominated as the next Fed chair have added to the dovish marketplace sentiment. Hassett is known for supporting faster rate reductions in line with President Trump’s stance.

The key outside markets today see the U.S. dollar index lower and at a three-week low. Crude oil prices are higher and trading around $59.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.08%.

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, February gold futures bulls’ next upside price objective is to produce a close above solid resistance at the contract/record high of $4,433.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $4,100.00. First resistance is seen at $4,300.00 and then at $4,350.00. First support is seen at $4,200.00 and then at Tuesday’s low of $4,194.00.

March silver futures bulls have the strong overall near-term technical advantage. Their next upside price objective is closing prices above solid technical resistance at $60.00. The next downside price objective for the bears is closing prices below solid support at $55.00. First resistance is seen at the overnight contract high of $59.655 and then at $60.00. Next support is seen at $58.00 and then at this week’s low of $56.85.

March silver futures bulls have the strong overall near-term technical advantage. Their next upside price objective is closing prices above solid technical resistance at $60.00. The next downside price objective for the bears is closing prices below solid support at $55.00. First resistance is seen at the overnight contract high of $59.655 and then at $60.00. Next support is seen at $58.00 and then at this week’s low of $56.85.

Posted by:

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com