Senior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
- Gold and silver prices are firmer in early U.S. trading Monday, supported by safe-haven bids amid the Israel-Hamas war and the potential for a wider Middle East conflict. December gold was last up $5.60 at $2,004.10. December silver was last up $0.423 at $23.31.
Focus this week is also on central bank meetings of the Federal Reserve, the Bank of England and the Bank of Japan. The Fed's FOMC meeting begins Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chairman Powell. Most of the marketplace expects the FOMC to pause in its interest-rate-increase cycle. Later this week comes the U.S. employment situation report for October.
The key outside markets today see the U.S. dollar index slightly down. Nymex crude oil prices are weaker and trading around $84.50 a barrel. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 4.875%.Technically, the gold futures bulls have the near-term technical advantage. Prices are trending higher on the daily bar chart. Bulls' next upside price objective is to produce a close in December futures above solid resistance at $2,050.00.
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