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Gold Prices Bounce Ahead Of FOMC Statement, Yellen Remarks


(Kitco News) - Gold prices are higher in early U.S. trading, on bargain hunting and short covering ahead of the conclusion of an important Federal Reserve meeting Wednesday afternoon. There is also a bit of safe-haven demand for gold following a fiery speech by U.S. President Trump at the U.N. on Tuesday. December Comex gold was last up $7.50 an ounce at $1,318.10. December Comex silver prices were last up $0.111 at $17.39 an ounce.

World markets have paused ahead of the Federal Reserve’s Open Market Committee (FOMC) meeting that began Tuesday morning and ends Wednesday afternoon with a statement. No interest rate changes are expected from the FOMC at this meeting. However, it is expected the Fed will announce it is drawing down its big balance sheet of securities. Fed Chair Janet Yellen will hold a press conference after the FOMC meeting ends. Also, the Federal Reserve will release new economic projections. The inflation projections will be examined very closely.

The key outside markets on Wednesday morning see the U.S. dollar index slightly weaker. The greenback bears remain in firm technical control. Meantime, Nymex crude oil futures are higher this morning. The oil bulls have the slight near-term technical advantage as prices hover around $50 a barrel.

Other U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, existing home sales and the weekly DOE liquid energy stocks report.

Live 24 hours gold chart [Kitco Inc.]

Technically, December gold futures bulls still have the overall near-term technical advantage, but are struggling to keep a nine-week-old uptrend in place on the daily bar chart. Bulls’ next upside technical objective is pushing and closing prices above chart resistance at $1,340.00. Bears' next near-term downside price breakout objective is closing prices below solid technical support at $1,300.00. First resistance is seen at this week’s high of 1,324.00 and then at $1,331.00. First support is seen at the overnight low of $1,313.20 and then at $1,307.00. Wyckoff’s Market Rating: 6.0

Live 24 hours silver chart [ Kitco Inc. ]

December silver bulls still have the overall near-term technical advantage. The next upside price breakout objective is closing futures prices above solid technical resistance at the September high of $18.29 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.50. First resistance is seen at $17.50 and then at this week’s high of $17.675. Next support is seen at this week’s low of $17.11 and then at $17.00. Wyckoff's Market Rating: 6.0.

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