Live Spot Gold
Bid/Ask
2,673.802,674.80
Low/High
2,657.402,684.80
Change
+11.90+0.45%
30daychg
+91.40+3.54%
1yearchg
+749.20+38.93%
Silver Price & PGMs
(Kitco News, Wed. Oct. 16th, 2024) – Gold and silver prices are modestly higher in midday U.S. trading Wednesday, with gold pushing to just below its record highs before backing off. Some profit taking from the futures traders pulled both metals down from their daily highs. The precious metals are still seeing support from safe-haven demand amid heightened geopolitical tensions and on chart-based buying amid bullish technicals. December gold was last up $6.50 at $2,685.70 and December silver was up $0.114 at $31.87.
Tensions are still running high in the Middle East as Israel pounded Hezbollah installations in Lebanon overnight. The marketplace remains anxious regarding how Israel will respond, militarily, to Iran’s missile barrage against Israel a couple weeks ago.
It’s been a quieter U.S. data week so far. However, a heavy slate of U.S. data is due out Thursday, including the retail sales and weekly jobless claims reports that could provide some sparks in the marketplace.
The key outside markets today see the U.S. dollar index firmer. The benchmark 10-year U.S. Treasury note yield is presently fetching around 4.01%. Crude oil prices are near steady and trading around $70.50 a barrel.
Technically, December gold bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at the contract high of $2,708.70. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the October low of $2,648.90. First resistance is seen at $2,700.00 and then at $2,708.70. First support is seen at today’s low of $2,674.90 and then at this week’s low of $2,654.40. Wyckoff’s Market Rating: 9.0.
December silver futures bulls have the firm overall near-term technical advantage. Prices are in a nine-week-old uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the May high of $33.50. The next downside price objective for the bears is closing prices below solid support at the October low of $30.345. First resistance is seen at today’s high of $32.385 and then at $33.00. Next support is seen at the overnight low of $31.60 and then at $31.00
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com