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 a bit lower in early U.S. trading Wednesday, as some technical selling is featured amid a lack of fresh fundamental news to drive prices. Gold’s near-term technical posture remains bearish, while silver’s chart posture has deteriorated recently. December gold was last down $1.30 at $1,951.30 and December silver was down $0.093 at $23.78.
A feature in the marketplace at mid-week is rising crude oil prices after Saudi Arabia and Russia decided to extend their oil-production cuts. Nymex crude oil futures prices are modestly down and trading around $86.25 a barrel, after hitting a 10-month high on Tuesday. Brent crude oil futures this week pushed above $90 a barrel.
U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the international trade report, the Johnson Redbook weekly retail sales report, the U.S. services PMI, the ISM report on business services, the IDB/TIPP economic optimism index, the global services PMI and the Federal Reserve’s beige book.
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