(Kitco News, Wed. Nov. 10th, 2021) – Gold and silver prices are solidly higher at midday Wednesday, with gold notching a five-month high and silver a three-month peak. Hot inflation numbers from the U.S. and China fueled buying interest in the precious metals markets today, as traders and investors are seeking out hard-asset hedges against rising prices. December gold was last up $26.70 at $1,857.60 and December Comex silver was last up $0.827 at $25.14 an ounce.
Today’s U.S. consumer price index for October came in at up 0.9% and up 6.2%, year-on-year. The CPI was expected to come in at up 0.6% from September and up 5.9%, year-on-year. The October numbers are the highest U.S. CPI readings in over 30 years. Tuesday’s U.S. producer price index showed a rise of 8.6%, year-on-year.
Meantime, China’s producer price index on Wednesday was reported up 13.5% in October, year-on-year, and up from a 10.7% rise in September. That is the fastest factory gate price rise in 26 years. Extreme weather and coal shortages are being reflected in China’s rising PPI.
Global stock markets were mixed in overnight trading. The U.S. stock indexes are slightly weaker at midday. Traders and investors are a bit more risk-averse at mid-week–paying more attention to the prospects for rising and even problematic price inflation.
The key outside markets today see the U.S. dollar index solidly higher. Nymex crude oil prices are lower and trading around $83.15 a barrel. Meantime, the 10-year U.S. Treasury note yield is presently fetching 1.512%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif)
Technically, December gold futures prices hit a five-month high today. Bulls have the firm overall near-term technical advantage and gained more power today. Prices are in a five-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,900.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at today’s high of $1,870.60 and then at $1,880.00. First support is seen at $1,839.00 and then at today’s low of $1,823.00. Wyckoff’s Market Rating: 7.0.
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
December silver futures prices hit a three-month high today. The silver bulls have gained the overall near-term technical advantage and have restarted a six-week-old uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $26.13 an ounce. The next downside price objective for the bears is closing prices below solid support at the November low of $23.045. First resistance is seen at $25.50 and then at $25.75. Next support is seen at $24.59 and then at $24.25.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com