Low/High
2,617.002,655.50
Change
+15.90+0.60%
30daychg
-72.90-2.68%
1yearchg
+648.20+32.44%
(Kitco News, Wed. Nov. 20th, 2024) – Gold prices are solidly higher and silver slightly down in midday U.S. trading Wednesday. Gold bulls have momentum as the market is seeing some mild safe-haven demand and more short covering and bargain hunting at mid-week. December gold was last up $21.00 at $2,652.20 and December silver was down $0.077 at $31.18.
Market participants are less nervous at mid-week, following Russia saying it is lowering its bar on using nuclear weapons against adversaries. There was some relief after Russian foreign minister Sergei Lavrov said Russia would “do everything possible” to avoid a nuclear war.
U.S. stock indexes are lower at midday. U.S. traders await the biggest earnings report of the quarter from Nvidia after the market closes today. Said Bloomberg: “It’s hard to overstate how big Nvidia’s third-quarter earnings are for the short-term direction of the stock market. The chipmaker is the world’s biggest company, with a $3.6 trillion market value after the stock tripled this year, and it’s the embodiment of investors’ fever dreams of riches tied to the growth of artificial intelligence.”
The key outside markets today see the U.S. dollar index solidly higher. Nymex crude oil futures prices are slightly firmer and trading around $69.75 a barrel. Reads a DowJones Newswires headline today: “Oil prices rise as intensifying Russia-Ukraine war raises supply concerns.” Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently 4.41 percent.
Technically, December gold bulls and bears are back on a level overall near-term technical playing field. However, bulls have momentum as a price downtrend on the daily bar chart has been negated. Bulls’ next upside price objective is to produce a close above solid resistance at $2,700.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the November low of $2,541.50. First resistance is seen at $2,675.00 and then at $2,700.00. First support is seen at the overnight low of $2,621.90 and then at $2,600.00. 
December silver futures bears have the slight overall near-term technical advantage. However, a price downtrend on the daily bar chart is now in jeopardy. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $33.00. The next downside price objective for the bears is closing prices below solid support at the November low of $29.75. First resistance is seen at this week’s high of $31.615 and then at $32.00. Next support is seen at the overnight low of $30.89 and then at $30.50.
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com