(Kitco News) - Gold and silver prices are solidly up in midday U.S. trading Wednesday, boosted by a weaker U.S. dollar index and a dip in U.S. Treasury yields at mid-week.
More short covering by the futures traders and perceived bargain hunting are featured in the two precious metals. The technical posture for silver has significantly improved this week, which is inviting chart-based speculators to the long side of that market. December gold was last up $20.60 at $1,946.60 and September silver was up $0.91 at $24.36.
The Wall Street Journal today reported general U.S. annual inflation has dropped to 3.2%, from a peak of 9.1%. While the Federal Reserve has forced about two-thirds of the problematic inflation genie back into her bottle, there’s still more work to do. That will very likely be the theme of Powell’s speech in Jackson Hole on Friday. Powell cannot err on the side of loosening monetary policy too quickly and potentially reigniting inflation that would likely become even worse than the latest surge.
Technically, December gold futures were up $19.20 at $1,945.30 in midday trading and near the session high. Short covering was seen after prices hit a five-month low Monday. Bears still have the overall near-term technical advantage. However, a four-week-old downtrend on the daily bar chart is in jeopardy. Bulls’ next upside price objective is to produce a close above solid resistance at $1,980.00.
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