itemprop=description content=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 weaker in midday U.S. trading Thursday. The precious metals traders are tentative ahead of Friday's important U.S. employment report. December gold was last down $3.50 at $1,831.10 and December silver was down $0.201 at $20.945.
Asian and European stocks were mixed overnight. U.S. stock indexes are lower at midday. Risk aversion is still present late this week. The recent rise in U.S. Treasury yields and other interest rates have soured the global economic outlook, evidenced by the big drop in crude oil prices this week. Reads a Barrons headline today:"8% mortgage rates are on the horizon—and may stick around."
Technically, December gold futures prices hit another 10-month low today. Bears have the solid overall near-term technical advantage. An accelerating five-month-old price downtrend is in place on the daily bar chart. However, the market is still well short-term oversold and due for a decent corrective bounce very soon. Bulls' next upside price objective is to produce a close above solid resistance at $1,900.00.
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