The silver bears have the overall near-term technical advantage. First resistance is seen at the overnight high of $1,797.70 and then at this week’s high of $1,801.90. Bears' next near-term downside price objective is pushing futures prices below solid technical support at this week’s low of $1,749.90. Bulls’ next upside price objective is to produce a close above solid resistance at the September high of $1,836.90. Technically, December gold futures bulls have the slight overall near-term technical advantage as prices are trending higher on the daily chart.
economic data due for release Friday includes the Empire State manufacturing survey, retail sales, import and export prices, manufacturing and trade inventories and the University of Michigan consumer sentiment survey. Treasury note yield is presently fetching around 1.547%. Nymex crude oil futures are higher, hit a seven-year high and trading around $82.00 a barrel. The key outside markets today see the U.S.
That helped push Bitcoin to within striking distance of $60,000 Friday. Bitcoin futures exchange-traded fund to begin trading. Securities and Exchange Commission appears ready to allow the first U.S. Such a scenario would be bullish for the metals markets. All of the above are likely to add to inflationary price pressures that could become problematic down the road. And raw material prices are rising rapidly, with copper prices on the London Metal Exchange rising over 7% just this week. government has implemented 24-hour-a-day work shifts at major West Coast U.S. Winter is approaching in the Northern Hemisphere and some countries are worried about securing adequate energy supplies. Traders and investors have been watching developments on raw commodity/supply chain front. data point Friday is the monthly retail sales report for September, which is forecast down 0.2% from August after a gain of 0.7% in August from July. The stock index bulls have gained strength late this week, amid corporate earnings reports that have been generally upbeat. stock indexes are pointed to higher openings when the New York day session begins. Global stock markets were mostly higher in overnight trading. December Comex silver was last down $0.202 at $23.275 an ounce. December gold futures were last down $18.60 at $1,779.40. trading Friday, on normal corrective pullbacks after both markets hit four-week highs on Thursday. ( Kitco News) - Gold and silver prices are lower in early U.S. Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions.
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