(Kitco News) – Gold and silver futures prices are firmly up in midday U.S. trading Wednesday. Support at mid-week comes from a weakening U.S. dollar index that hit a six-week low today. Weaker U.S. stock indexes at midday are also aiding the precious metals markets, which are a competing asset class with equities. December gold futures were last up $13.60 at $1,929.20 and December Comex silver was last up $0.26 at $25.24 an ounce.
Gold and silver also got some buying support today when Federal Reserve Governor Brainard make some downbeat remarks on the U.S. economy, including saying the rate of jobs growth is decelerating.
It appears questionable if the U.S. Congress and the Trump administration can come to agreement on a new Covid-19 stimulus package before the U.S. elections in less than two weeks. All sides are still in communication regarding getting some kind of a stimulus package for Americans, however. The U.S. Senate Republicans could stymie any deal that is agreed upon by the House and the Trump administration.
Rising Covid-19 cases in the U.S., Europe and South America continue to dampen trader and investor enthusiasm at mid-week. Drug makers are rushing for a successful vaccine, but none appear ready for public consumption any time soon.
The other important outside market today sees Nymex crude oil prices solidly lower and trading around $40.00 a barrel. The yield on the benchmark U.S. 10-year Treasury note is 0.8% today.
Technically, December gold futures bulls have the overall near-term technical advantage and they are working on restarting a price uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in December futures above solid resistance at the October high of $1,939.40. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the September low of $1,851.00. First resistance is seen at today’s high of $1,936.00 and then at the October high of $1,939.40. First support is seen at today’s low of $1,911.60 and then at $1,900.00. Wyckoff’s Market Rating: 6.5
December silver futures bulls have the overall near-term technical advantage and are working on a price uptrend on the daily chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $27.00 an ounce. The next downside price objective for the bears is closing prices below solid support at the September low of $21.81. First resistance is seen at today’s high of $25.425 and then at the October high of $25.71. Next support is seen at this week’s low of $24.215 and then at $24.00. Wyckoff’s Market Rating: 6.5.
December N.Y. copper closed up 490 points at 319.70 cents today. Prices closed nearer the session high today and hit a more-than-two-year high. The copper bulls have the solid overall near-term technical advantage. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 330.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 300.00 cents. First resistance is seen at today’s high of 321.80 cents and then at 325.00 cents. First support is seen at today’s low of 314.05 cents and then at 312.10 cents. Wyckoff’s Market Rating: 8.5.
View original article here Source