Senior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
- Gold and silver prices are modestly up in quieter midday U.S. trading Monday. A solidly lower U.S. dollar index is a supportive outside market element for the metals on this day. Short covering in the gold and silver futures markets is also featured ahead of a key U.S. inflation report on Wednesday. December gold was last up $5.10 at $1,947.80 and December silver was up $0.206 at $23.38.
Traders and investors are waiting for the next major U.S. data point, which is the consumer price index report for August out Wednesday morning. The CPI is expected to be up 4.3%, year-on-year, versus a 4.7% rise in the July report. Asian and European stock markets were mixed overnight. U.S. stock indexes are up just a bit at midday, as equities traders are also awaiting the CPI report Wednesday.
The key outside markets today see the U.S. dollar index solidly lower. Nymex crude oil prices are near steady trading around $87.50 a barrel. The benchmark U.S. Treasury 10-year note yield is presently fetching 4.294%.Technically, December gold futures bears have the overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at the September high of $1,980.20.
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