Gold prices are modestly up in early U.S. trading Friday, on a bit of concern about a development on the U.S.-China relations front late Wednesday. Still, the global trader and investor environment at present is overall one of scant geopolitical concerns amid a record-setting U.S. stock market bull run. That still keeping buyers in the gold and silver markets very tentative. December gold futures were last up $1.10 an ounce at 1,454.50. December Comex silver prices were last down $0.082 at $16.83 an ounce.
Asian and European stock markets were mostly weaker overnight. The U.S. stock indexes are pointed toward slightly lower openings when the New York day session begins, after setting record and contract highs Wednesday. Today is typically one of the lowest-volume days of the year for the U.S. stock market.
There is a bit of concern in the world marketplace late this week after President Trump late Wednesday signed a bill supporting Hong Kong’s anti-government protestors. Traders and investors are unsure how China is going to react, especially given that the U.S. and China had appeared very close to signing a partial trade deal. Such may still be the case, but maybe not, either.
In overnight news the Euro zone jobless rate came in at 7.5% in October versus 7.6% in September. The Euro zone consumer price index in November was up 1.0%, year-on-year, versus a reading of up 0.7% in October.
The key “outside markets” today see the U.S. dollar index modestly up. Nymex crude oil prices are near steady and trading around $58.00 a barrel.
There is no major U.S. economic data due for release Friday and some financial markets close early due to the Thanksgiving holiday on Thursday.
Technically, the gold bears have the slight overall near-term technical advantage. Prices are in a 2.5-month-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in December futures above solid resistance at $1,500.00. Bears’ next near-term downside price breakout objective is pushing December futures prices below solid technical support at $1,400.00. First resistance is seen at this week’s high of $1,462.90 and then at $1,465.00. First support is seen at this week’s low of $1,449.60 and then at the November low of $1,446.20. Wyckoff’s Market Rating: 4.0
December silver futures bears also have the overall near-term technical advantage. Prices are in a 2.5-month-old downtrend on the daily bar chart. Silver bulls’ next upside price breakout objective is closing 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 $16.00. First resistance is seen at this week’s high of $17.085 and then at $17.21. Next support is seen at this week’s low of $16.78 and then at the November low of $16.615. Wyckoff’s Market Rating: 4.0.