(Kitco News, Wed. Nov. 17th, 2021) – Gold and silver prices are higher in early U.S. trading Wednesday. Bulls stepped in to buy Tuesday’s dips in the metals’ prices, which is a sign of strong markets. Gold and silver as an inflation hedge remains the major bullish element in the marketplace at present. December gold was last up $12.80 at $1,866.60 and December Comex silver was last up $0.271 at $25.205 an ounce.
Global stock markets were mixed in overnight trading. The U.S. stock indexes are pointed to mixed openings when the New York day session begins. Focus for U.S. equities traders remains on corporate earnings, which have been upbeat. Also, holiday spending is under way and that has businesses and investors in good moods. Still, markets are pausing due to inflation worries and concerns about rising Covid-19 cases in Asia and Europe.
In overnight news, the Euro zone October consumer price index was reported up 0.8% from September and up 4.1%, year-on-year. Meantime, The U.K. reported its consumer inflation rate at up 4.2% in October, year-on-year, for the biggest rise in a decade. Those numbers are around twice as hot as the European Central Bank and Bank of England say they would like to see.
The key outside markets today see the U.S. dollar index weaker after hitting another 15-month high overnight. Nymex crude oil prices are lower and trading around $80.00 a barrel. The 10-year U.S. Treasury note yield is presently fetching 1.628%.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, new residential construction and the weekly DOE liquid energy stocks report.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif)
Technically, December gold futures bulls have the firm overall near-term technical advantage and have momentum. A six-week-old uptrend is in place 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 this week’s high of $1,879.50 and then at $1,900.00. First support is seen at this week’s low of $1,851.00 and then at $1.839.00.
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
The silver bulls have the overall near-term technical advantage. Prices are in a six-week-old uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing December futures 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 $23.00. First resistance is seen at this week’s high of $25.49 and then at $25.75. Next support is seen at this week’s low of $24.825 and then at $24.50.
Posted by :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com