Gold up a bit, silver weaker in quieter, consolidative trade
Gold prices are posting mild gains and silver prices are modestly lower in midday U.S. trading Thursday. Some chart consolidation is featured in quieter dealings today. June gold was last up $6.70 at $4,830.40. May silver prices were down $0.533 at $79.08.
The key outside markets see Nymex WTI crude oil prices higher and trading around $93.50 a barrel. The U.S. dollar index is firmer. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.3 percent.
Note: The gold market operates through two primary pricing mechanisms. The first is the spot market, which quotes prices for on-the-spot purchase and immediate delivery. The second is the futures market, which sets prices for delivery at a future date. Due to year-end positioning market liquidity, the December gold futures contract is currently the most actively traded on the CME.
Technically, June gold futures bulls’ next upside price objective is to produce a close above solid resistance at $5,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $4,500.00. First resistance is seen at this week’s high of $4,895.40 and then at $4,950.00. First support is seen at today’s low of $4,792.10 and then at $4,750.00. Wyckoff's Market Rating: 6.5.
May silver futures bulls see their next upside price objective is closing prices above solid technical resistance at $85.00. The next downside price objective for the bears is closing prices below solid support at $70.00. First resistance is seen at this week’s high of $81.155 and then at $82.50. Next support is seen at $77.00 and then at $75.00. Wyckoff's Market Rating: 6.5.
