(Kitco News, Wed. Dec. 22nd, 2022) – Gold and silver prices are modestly up in early U.S. trading Wednesday, on upside corrections following recent selling pressure. A weaker U.S. dollar index and a dip in U.S. Treasury yields at mid-week are metals-friendly daily outside market forces. A busier U.S. economic report day awaits the marketplace. February gold was last up $4.50 at $1,793.10 and March Comex silver was last up $0.131 at $22.66 an ounce.
Global stock markets were mixed in overnight trading. U.S. stock indexes are pointed toward mixed openings when the New York day session begins. It’s been a choppy trading week so far and the U.S. stock indexes appear to be pausing at mid-week. There is less risk aversion in the market place, at least for now. There is a bigger slate of U.S. economic data due for release Wednesday that could impact markets. However, trading activity in many markets is likely to wane as the trading session progresses today, ahead of the Christmas holiday. Markets are closed on Friday.
President Biden on Tuesday afternoon said he and Sen. Joe Manchin will work on getting a U.S. spending bill complete, after Manchin nixed the latest White House proposal. That has helped to assuage the marketplace.
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$1 million of silver bullion stolen from truck traveling between Sydney and Melbourne |
The key “outside markets” today see Nymex crude oil prices slightly higher and trading around $71.50 a barrel. The U.S. dollar index is weaker early today. Meantime, the yield on the U.S. Treasury 10-year note is presently fetching 1.474%.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the Chicago Fed national activity index, the third estimate of third-quarter GDP, existing home sales, the consumer confidence index, and the weekly DOE liquid energy stocks report.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif)
Technically, February gold futures bulls have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at the December high of $1,815.70. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,775.00. First resistance is seen at $1,800.00 and then at this week’s high of $1,804.60. First support is seen at this week’s low of $1,785.00 and then at $1,775.00. Wyckoff’s Market Rating: 6.0
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
The March silver bears have the overall near-term technical advantage. However, a four-week-old price downtrend on the daily bar chart has been negated to suggest a market bottom is in place. Silver bulls’ next upside price objective is closing December futures prices above solid technical resistance at $23.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $21.00. First resistance is seen at this week’s high of $22.805 and then at $23.00. Next support is seen at this week’s low of $22.185 and then at $22.00.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com