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Gold Bounces As U.S. Dollar Weakens, Stocks Sell Off

(Kitco News) - Gold prices are moderately higher in early U.S. trading Thursday, on a corrective rebound from selling pressure seen earlier this week. A lower U.S. dollar index and a downturn in world stock markets are supportive daily elements for the gold and silver markets. December Comex gold was last up $7.60 an ounce at $1,290.70. December Comex silver was last up $0.078 at $17.07 an ounce.

World stock markets were mostly lower overnight. U.S. stock indexes are pointed toward solidly lower openings when the New York day session begins. The bourses are seeing some profit taking after recently hitting record or multi-year highs. Today is the 30th anniversary of the “Black Monday” record-setting crash of the U.S. stock market.

In overnight news, China’s gross domestic product was reported up 6.8% in the third quarter, year-on-year. That’s just a bit down from the 6.9% rate in the second quarter. Other major world economies would be ecstatic to see growth numbers half that size.

The rift between Spain and its Catalonia region deepened Thursday when the Catalan leader did not respond to a government order to stop his secessionist plans. Spanish government officials are holding an emergency meeting on the matter. This is another mildly supportive element for the gold and silver markets today.

China on Wednesday started its twice-a-decade Party Congress meetings, in which major economic and cultural planning initiatives are laid out for the next five years. Traders and investors will keep a close watch for any pronouncements coming out of those meetings.

The key “outside markets” Thursday morning see the U.S. dollar index slightly lower. Meantime, Nymex crude oil futures prices are lower and trading above $51.00 a barrel.

U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey, and leading economic indicators.

Live 24 hours gold chart [Kitco Inc.]

Technically, December gold futures bulls have the slight overall near-term technical advantage. Bulls’ next upside technical objective is pushing and closing prices above chart resistance at $1,300.00. Bears' next near-term downside price breakout objective is closing prices below solid technical support at the October low of $1,262.80. First support is seen at today’s low of 1,277.60 and then at $1,270.00. First resistance is seen at today’s high of 1,292.00 and then at $1,300.00. Wyckoff’s Market Rating: 5.5

Live 24 hours silver chart [ Kitco Inc. ]

December silver bulls also have slight the overall near-term technical advantage. The next upside price breakout objective is closing futures prices above solid technical resistance at $17.75 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the October low of $16.345. First resistance is seen at $17.28 and then at $17.50. Next support is seen at this week’s low of $16.92 and then at $16.765. Wyckoff's Market Rating: 5.5.

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