(Kitco News) - Gold and silver prices are steady to slightly lower in quieter midday U.S. trading Thursday, as traders are awaiting the marketplace event of the week, if not the month: the annual Federal Reserve symposium held in Jackson Hole, Wyoming.
The meeting gets under way Thursday evening. This meeting usually produces some market-sensitive news from world central bankers’ comments, including Fed Chair Jerome Powell. Powell is scheduled to speak at the confab on Friday morning at 10:05 a.m. EDT. December gold was last down $0.70 at $1,947.40 and September silver was down $0.152 at $24.245.
The marketplace is taking note of the BRICS meeting this week. China President Xi Jinping was a no-show for a scheduled speech at the confab. Broker SP Angel says in an email dispatch: “We wonder what economic disaster Xi was having to address while missing his speech.” Technically, December gold futures bears still have the overall near-term technical advantage. However, a four-week-old downtrend on the daily bar chart has been negated. Bulls’ next upside price objective is to produce a close above solid resistance at $1,980.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at $1,963.50 and then at $1,975.00. First support is seen at today’s low of $1,939.
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