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Gold Up; U.S. Inflation Data Awaited

(Kitco News) - Gold prices are modestly higher in early New York trading Wednesday. Bargain hunters have stepped in to buy this week’s dip in prices. Traders and investors are also awaiting U.S. inflation reports due out today and Thursday. December Comex gold was last up $4.90 an ounce at $1,337.60. December Comex silver prices were last up $0.11 at $17.995 an ounce.

The U.S. producer price index for August is due out shortly, as of this writing. The PPI report is forecast to show a rise of 0.3% from July. The other key U.S. economic data point of the week is Thursday’s consumer price index report for August. That report is expected to show a rise of 0.4%. Notions are growing that low inflation in the U.S. and the Euro zone will keep the Federal Reserve and European Central Bank from tightening their monetary policies as soon as they would like. That’s an underlying bullish element for the precious metals markets.

The key outside markets on Wednesday morning see the U.S. dollar index slightly lower. Meantime, Nymex crude oil futures are higher this morning.

Other U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the weekly DOE liquid energy stock report and the monthly Treasury budget statement.

Live 24 hours gold chart [Kitco Inc.]

Technically, December gold futures bulls have the firm overall near-term technical advantage. A two-month-old uptrend is still in place on the daily bar chart. Bulls’ next upside technical objective is pushing and closing prices above chart resistance at last week’s high of $1,362.40. Bears' next near-term downside price breakout objective is closing prices below solid technical support at $1,307.00. First resistance is seen at the overnight high of 1,340.50 and then at this week’s high of $1,344.60. First support is seen at the overnight low of $1,333.60 and then at this week’s low of $1,326.70. Wyckoff’s Market Rating: 7.0

Live 24 hours silver chart [ Kitco Inc. ]

December silver bulls have the overall near-term technical advantage. Silver prices are in a nine-week-old uptrend on the daily bar chart. The next upside price breakout objective is closing futures prices above solid technical resistance at $18.50 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $17.25. First resistance is seen at the overnight high of $18.125 and then at last week’s high of $18.29. Next support is seen at this week’s low of $17.77 and then at $17.50. Wyckoff's Market Rating: 6.5.


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