Gold prices rose modestly in early US trading on Thursday as the precious metal’s short-term technical stance remains bullish and invites chart-based traders for longer terms. Earnings are limited by the rising risk appetite in the market later this week. Detail Cryptocoin. com
Current forecasts for gold
Global stock markets rose mostly in overnight trading. US stock indexes point to higher openings as the New York daily session begins. Once again, the US stock index bulls provided sharp resistance, rebounding their markets after steep sell-offs. Risk appetite has increased significantly since the beginning of the week. The U.S. Food and Drug Administration’s approval of a pill that drastically reduces the effects of the virus has created a more optimistic mood as the week progresses, with studies showing that Omicron isn’t as potent as other variants. Major “outside markets” today are witnessing Nymex crude oil prices slightly higher, trading around $73.00 a barrel. The US dollar index is stable in the early hours of today.
Meanwhile, the yield on the US Treasury 10-year note currently shows 1.469. The US data point for the week will be today’s personal income and spending report for November. The closely watched PCE price index component of the report is down 0.6% from October and 5% year-on-year. 0 is expected to increase. If this inflation data runs hot, markets may react. Look for quieter trades and lower volumes today as many traders have shut their screens and turned their attention to the Christmas holidays. Markets are closed on Friday. US economic data, released Thursday, includes the weekly jobless claims report, personal income and spending, durable goods orders, new home sales and the University of Michigan consumer sentiment survey.
Technically, February gold bulls generally have the short-term technical advantage. The bulls’ next upside price target is to produce a close above solid resistance at $1,840.00. The bears’ next short-term bearish price target is to push futures prices below solid technical support at $1,775.00. Initial resistance is seen at the night high of $1,809.30 followed by the December high of $1,815.70. Initial support is 1.785, this week’s low. It appears at $00 followed by $1,775.00.
March silver bears generally have short-term technical advantage. Recent price action suggests a market bottom is in place. The silver bulls’ next upside price target is to close December futures prices above solid technical resistance at $24.00 an ounce. The next downside price target for the bears is to close prices below solid support at $21.00. Initial resistance is seen at nightly high at $22.925 followed by $23.00. The next support is seen at $22.44, Wednesday’s low, followed by this week’s low of $22.185.