Price gains for gold, silver amid friendly charts, easy Fed

(Kitco News,  Fri. Dec. 15th, 2023 )– Gold and silver prices are higher in early U.S. trading Friday. The gold and silver market bulls are still glowing in the aftermath of Wednesday’s surprisingly dovish U.S. monetary policy stance by the Federal Reserve. The near-term technical postures for gold and silver have also become more bullish this week, inviting the chart-based speculators to the long sides. February gold was last up $13.10 at $2,058.00. March silver was last up $0.169 at $24.555.

Asian and European stock markets were mostly higher overnight. U.S. stock index futures are set to open modestly higher when the New York day session begins. The indexes are near this week’s contract highs and highs for the year. The Dow Jones Industrial Average set a record high Thursday.

In overnight news, China got some more downbeat economic data Friday. Investment and consumer spending in November increased less than expected. New home sales fell at a faster pace in November, too. After the disappointing economic data, China’s central bank kept its key policy rates unchanged, but did pump 800 billion yuan ($112 billion) of liquidity into the banking system. That was the biggest-ever central bank infusion of one-year loans to banks.

The key outside markets today see the U.S. dollar index slightly up. Nymex crude oil prices are slightly up and trading around $71.75 a barrel. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 3.92%.

Gold still has plenty of momentum to hit all-time highs in 2024 – State Street’s George Milling-Stanley

U.S. economic data due for release Friday includes the Empire State manufacturing survey, industrial production and capacity utilization, the U.S. flash manufacturing and services purchasing managers indexes (PMI).

Gold Price in US Dollar

Technically, the gold futures bulls have the firm overall near-term technical advantage and have regained strength. Prices are in a nine-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in March futures above solid resistance at $2,100.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $2,000.00. First resistance is seen at this week’s high of $2,062.90 and then at $2,072.70. First support is seen at the overnight low of $2,045.50 and then at Thursday’s low of $2,039.10.

The silver bulls have the overall near-term technical advantage. Silver bulls’ next upside price objective is closing March futures prices above solid technical resistance at $26.00. The next downside price objective for the bears is closing prices below solid support at this week’s low of $22.785. First resistance is seen at $24.75 and then at $25.00. Next support is seen at the overnight low of $24.285 and then at $24.00.

Posted by:

Jack Dempsey, President

401 Gold Consultants LLC

jdemo2003@gmail.com