(Kitco News) – Gold and silver prices are slightly lower in early U.S. futures trading Friday. Not much new late this week and the marketplace is subdued ahead of the holidays. The safe-haven metal bulls have shown resilience recently, amid the keener risk appetite that has been prevalent in the market place the past few weeks. February gold futures were last down $1.60 an ounce at 1,482.90. March Comex silver prices were last down $0.004 at $17.15 an ounce.
Asian and European stock indexes were narrowly mixed in quieter trading overnight. The U.S. stock indexes are pointed toward slightly higher openings and near this week’s record highs when the New York day session begins. Traders and investors are turning their attention to the upcoming holidays, including squaring their books, so trading interest and volumes are likely to wane the next couple weeks.
There are still no geopolitical hotspots in the global marketplace to spook traders and investors, which is allowing global equities markets to continue to drift higher. Higher asset flows into stocks have put some price pressure on world bond markets.
The key “outside markets” today see the U.S. dollar index firmer, as the greenback bulls are having a good week. Meantime, Nymex crude oil prices are weaker and trading around $61.00 a barrel after hitting a multi-month high this week.
U.S. economic data due for release Friday includes the final estimate of third-quarter gross domestic product, personal income and outlays, the Kansas City Fed manufacturing survey, and the University of Michigan consumer sentiment survey.
Technically, the gold bulls and bears are on a level overall near-term technical playing field amid choppy and sideways trading recently. Bulls’ next upside price objective is to produce a close in February futures above solid resistance at $1,500.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at the November low of $1,453.10. First resistance is seen at this week’s high of $1,485.80 and then at the December high of $1,491.60. First support is seen at this week’s low of $1,474.30 and then at $1,470.00. Wyckoff’s Market Rating: 5.0
March silver futures bears have the slight overall near-term technical advantage amid a more-than-three-month-old downtrend in place on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at the December high of $17.415 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.00. First resistance is seen at last week’s high of $17.185 and then at the December high of $17.415. Next support is seen at this week’s low of $16.935 and then at $16.82. Wyckoff’s Market Rating: 4.5.
By Jim Wyckoff
For Kitco News
Contact jwyckoff@kitco.com
www.kitco.com
