Gold and silver profits as USDX rises. The gold price fell moderately in mid-day trading on Tuesday after hitting a five-month high overnight. Silver climbed to a three-month high and retreated. Both precious metals routinely saw profit selling from short-term traders after good recent gains.
Gold price and US data
The US dollar index hit a 15-month high today also worked against the metal market bulls. December gold was last trading at $1,856.70, down $10.20, while December Comex silver was down $0.14 at $24.96 an ounce. The US economic data point for the day saw the October retail sales report come in slightly warm, up 1.7% from September’s expectations of 1.5%. Sales are 0% in September compared to August. 7 increased. US industrial production is also 0% in October. 1% versus expectations for an increase of 8 percent. It exceeded expectations with an increase of 6 percent. These reports did not have a major impact on the precious metals markets.
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As we reported , global stock markets are stronger mostly in overnight trading. US stock indexes rose in the afternoon. Equity indexes have been in stagnation mode lately as investors weighed positive corporate earnings reports amid rising inflation and rising Covid-19 cases in parts of Asia, Europe and even the US. US President Joe Biden and Chinese President Xi Jinping met on a conference call Monday, and both sides said the meeting was optimistic (even if nothing very concrete came out of the meeting). In another overnight news, it was reported that the third quarter GDP of the euro area increased by 2.2% compared to the second quarter and by 3.7% year-on-year. These figures were in line with market expectations.
Key foreign markets see the US dollar index higher today, hitting a 15-month high. Nymex crude prices are weaker, trading around $80.50 a barrel. The crude oil market bulls seem to be out of gas and a market peak could be in place. Meanwhile, the 10-year U.S. Treasury bond yield currently fetches 1.609 percent. The 10-year rate has risen recently.
Technically, December gold futures posted a bearish day today after hitting a five-month high. Featured light snow pickup. The bulls generally have a short-term technical advantage. Prices are in a six-week uptrend on the daily bar chart. According to the analyst, the next upside price target for the bulls is to produce a close above solid resistance at $1,900.00. The bears’ next short-term bearish price target is to push futures prices below solid technical support at $1,800.00. Initial resistance is seen at today’s high at $1,879.50 followed by $1,885.00. According to analyst Wyckoff, initial support is seen at $1,850.00 followed by $1,845.10.
December silver futures prices hit a three-month high overnight. Light snowfall was seen today. Silver bulls have the overall short-term technical advantage amid a six-week uptrend on the daily bar chart. The silver bulls’ next upside price target is to close prices above solid technical resistance at $26.13 an ounce. The next downside price target for the bears is to close prices below solid support at the November low of $23,045. Initial resistance is seen at today’s high at $25.49 followed by $25.75. The next support is seen at $24,645 followed by $24.00.