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Gold Prices Up, Boosted A Bit By U.S. Data

(Kitco News) - Gold is moderately higher in early U.S. trading Wednesday. A batch of important U.S. economic reports just released has provided a slight lift to precious metals prices. December Comex gold was last up $5.30 an ounce at $1,288.20. December Comex silver was last up $0.092 at $17.17 an ounce.

The consumer price index (CPI) and retail sales are the U.S. data highlights today. CPI in October came in at up 0.1% from September, which is right in line with forecasts. Retail sales in October were up 0.2% from September versus the forecast of up 0.1%. The Empire State manufacturing survey did come in weaker than expected. While most of this data was in line with market expectations, it does favor the dovish camp on U.S. monetary policy—and that is a positive for the precious metals market bulls.

It’s a very heavy slate of U.S. economic data due for release Wednesday. Other reports include the weekly MBA mortgage applications survey, real earnings, manufacturing and trade inventories, Treasury international capital data, and the weekly DOE liquid energy stocks report.

World stock markets were mostly lower overnight, pressured by falling raw commodity markets, especially crude oil. U.S. stock indexes are also pointed toward lower openings when the New York day session begins. Weaker stock markets also favor the competing asset class, precious metals.

The key outside markets on Wednesday morning find U.S. dollar index lower and hitting a three-week low in early U.S. trading. The greenback bulls are fading fast this week. Meantime, the Euro currency surged to a three-week high today and the Euro bulls have gained power to suggest at least sideways trading in the near term, if not sideways to higher.

Meantime, Nymex crude oil futures prices are lower and are trading around $55.00 a barrel. Prices are well down from the early-November high and the crude oil market may have topped out. It is still my bias that Nymex crude won’t be able to sustain prices at or above $60.00 a barrel. The IEA warned on Tuesday the oil price rally is in jeopardy because of weaker-than-expected demand this year and likely next year, too.

Live 24 hours gold chart [Kitco Inc.]

Technically, December gold futures bulls and bears are on a level overall near-term technical playing field. 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 1,279.00 and then at $1,275.00. First resistance is seen at last week’s high of 1,289.50 and then at $1,300.00. Wyckoff’s Market Rating: 5.0

Live 24 hours silver chart [ Kitco Inc. ]

December silver bulls and bears are on a level overall near-term technical playing field. The next upside price breakout objective is closing futures prices above solid technical resistance at $17.50 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 the November high of $17.27 and then at $17.50. Next support is seen at $17.00 and then at last week’s low of $16.785. Wyckoff's Market Rating: 5.0.

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