By Jim Wyckoff, Kitco News
(Kitco News) - Gold prices are higher and hit a two-week high in early U.S. trading Thursday. Silver prices are near steady. Some more safe-haven demand is featured in the yellow metal. Technical buying has also increased this week as the near-term chart posture continues to improve. December gold was last up $15.50 at $2,667.20 and December silver was up $0.02 at $31.025.
Asian and European stock markets were mostly lower overnight. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. NVIDIA, the world’s largest company by market capitalization, released its third-quarter earnings that beat market expectations. However, forward guidance “wasn’t strong enough to trigger further buying,” said David Morrison with Trade Nation. “Instead, investors have cut their exposure after the company forecast its slowest revenue growth in close to two years.” Asian and European stock markets were pressured after NVIDIA’s stock price declined after its earnings results.
Bitcoin prices were sharply higher overnight, hit a new record high and are closing in on $100,000.
The key outside markets today see the U.S. dollar index a bit higher. Nymex crude oil futures prices are higher and trading around $70.25 a barrel. Meantime, the yield on the benchmark 10-year U.S. Treasury note is presently 4.40%.
U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey, existing home sales, the Kansas City Fed manufacturing survey and leading economic indicators.
Technically, December gold bulls and bears are back on a level overall near-term technical playing field. A price downtrend on the daily bar chart has been negated. Bulls’ next upside price objective is to produce a close above solid resistance at $2,700.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,600.00. First resistance is seen at the overnight high of $2,676.20 and then at $2,700.00. First support is seen at the overnight low of $2,651.60 and then at Wednesday’s low of $2,621.90. Wyckoff's Market Rating: 5.0.
December silver futures bears have the slight overall near-term technical advantage. However, a price downtrend on the daily bar chart is in jeopardy. Silver bulls' next upside price objective is closing prices above solid technical resistance at $33.00. The next downside price objective for the bears is closing prices below solid support at the November low of $29.75. First resistance is seen at the overnight high of $31.38 and then at this week’s high of $31.615. Next support is seen at Wednesday’s low of $30.89 and then at $30.50. Wyckoff's Market Rating: 4.5.
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