Gold Bulls Resting Up For Next Upside Assault
(Kitco News) - Gold prices aretrading near unchanged in early U.S. trading Thursday. This week's pause, orsideways trading on the daily chart, is normal given the solid gains scoredlast week. Bulls appear to be readying for their next upside advance. December goldfutures were last up $0.40 an ounce at $1,227.90. December Comex silver waslast down $0.103 at $14.56 an ounce.
Globalstock markets were mixed overnight, with European stock indexes mostly firmerand Asian indexes mostly lower. U.S. stock indexes are pointed toward weakeropenings when the New York day session begins.
Tradersand investors are awaiting the results of a Turkish investigation into thedisappearance of a Saudi journalist. The Turks say the journalist was killedand the Saudis deny knowing anything about it. This matter is likely to come toa head in the next few days, with President Trump saying results of theinvestigation are likely yet this week. If the Saudis are complicit,ramifications for the world markets will be significant. Some press reports saythe Saudis killed the journalist.
U.S.Treasury bond yields are on the rise again following FOMC minutes releasedWednesday afternoon that were deemed a bit hawkish on U.S. monetary policy.
Thekey outside markets today find the U.S. dollar index slightly lower on acorrective pullback from Wednesday's solid gains. Meantime, November Nymexcrude oil prices are lower, hit a four-week low and are trading below $69.00 abarrel. Brent crude oil has now fallen below the $80.00-per-barrel level.Rising U.S. oil stockpiles this week are bearish for the oil market.
U.S.economic data due for release Thursday includes the weekly jobless claimsreport, the Philadelphia Fed business survey, and leading economic indicators.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically,gold bulls have the near-term technical advantage and their next upside priceobjective is to produce a close in December futures above solid resistance at $1,250.00.Bears' next near-term downside price breakout objective is pushing prices belowsolid technical support at $1,200.00. First resistance is seen at this week'shigh of $1,236.90 and then at $1,240.00. First support is seen at this week's lowof $1,220.40 and then at $1,215.00. Wyckoff's Market Rating: 6.0
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
Decembersilver futures bears still have the overall near-term technical advantage.Silver bulls' next upside price breakout objective is closing prices abovesolid technical resistance at $15.00 an ounce. The next downside price breakoutobjective for the bears is closing prices below solid support at the Septemberlow of $13.965. First resistance is seen at the overnight high of $14.655 andthen at this week's high of $14.88. Next support is seen at the overnight lowof $14.47 and then at the October low of $14.255. Wyckoff's Market Rating: 3.0.
By Jim WyckoffFor Kitco News
Follow @jimwyckoff
jwyckoff@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.