gold silver technicalanalysis Wyckoff Gold, silver down on technical selling, bearish outside market elements
Gold and silver prices are lower in midday U.S. trading Wednesday and feeling the heat of recently bearish outside markets that include rising U.S. bond yields and a strong U.S. dollar index. Lower crude oil prices today added to the bearish cocktail for the metals. The near-term technical postures for gold and silver have turned more bearish recently, which is also inviting the shorter-term chart-based sellers. December gold was last down $11.30 at $1,674.70 and December silver was down $0.
U.S. stock indexes are a bit firmer at midday, on short covering. The marketplace remains less than “risk-on” at mid-week, following a downbeat assessment of the global economy by the International Monetary Fund on Tuesday. The key outside markets today see the U.S. dollar index slightly higher. Nymex crude oil prices are lower and trading around $86.50 a barrel. The U.S. Treasury 10-year note yield is presently fetching 3.917%.
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