(Kitco News) – Gold futures prices are modestly higher in midday U.S. trading Thursday, while silver is solidly higher. Traders have once again stepped in to buy the dip in this week’s price action and keep the near-term uptrends alive. That’s what happens routinely in extended bull runs in markets. October gold futures were last up $6.80 an ounce at $1,947.30. September Comex silver prices were last up $0.831 at $26.82 an ounce.
Global stock markets were mixed in overnight trading and the U.S. stock indexes are also mixed at midday in New York. Traders and investors are just a bit more risk averse late this week.
Focus Thursday morning was on the weekly U.S. jobless claims report, which came in a bit better than expected at just under 1 million in new claims. Forecasts called for new claims at 1.1 million in the latest week. Traders and investors scrutinized the jobs data to try to gauge the pace of the U.S. economic recovery. Today’s report somewhat assuaged those worried the economy is significantly slipping from its recent recovery.
Somewhat downbeat for the marketplace today are reports the U.S. Democrats and Republicans in Congress are still far apart on any new stimulus package for Americans. And Boston Federal Reserve President Eric Rosengren warned Thursday that Americans not adhering to guidelines issued by health officials will prolong the U.S. economic downturn.
The important outside markets today see Nymex crude oil prices slightly down and trading around $42.35 a barrel. The U.S. dollar index is lower. The yield on the benchmark U.S. Treasury 10-year note is presently fetching 0.66%.
Technically, October gold futures bulls have the firm overall near-term technical advantage and have stabilized the market, but need to defend what is now the latest “reaction low” in the still-existing price uptrend on the daily chart—this week’s low of $1,865.00. A drop below that level would negate the near-term price uptrend to suggest a near-term market top is in place. Bulls’ next upside price objective is to produce a close in October futures above solid resistance at $2,000.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,865.00. First resistance is seen at $1,975.00 and then at $2,000.00. First support is seen at today’s low of $1,914.90 and then at $1,900.00. Wyckoff’s Market Rating: 7.0
September silver futures bulls have the firm overall near-term technical advantage and have quickly stabilized the market, but need to defend what is the latest “reaction low” in the still-existing price uptrend on the daily chart—this week’s low of $23.58. A drop below that level would negate the price uptrend to suggest a near-term market top is in place. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $28.00 an ounce. The next downside price objective for the bears is closing prices below solid support at $23.58. First resistance is seen at $27.00 and then at $27.25. Next support is seen at $26.50 and then at $26.00. Wyckoff’s Market Rating: 7.5.
September N.Y. copper closed down 870 points at 280.30 cents today. Prices closed nearer the session low today. The copper bulls have the overall near-term technical advantage. However, prices have been trending down for four weeks. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the July high of 299.30 cents. The next downside price objective for the bears is closing prices below solid technical support at 270.00 cents. First resistance is seen at 285.00 cents and then at this week’s high of 290.25 cents. First support is seen at the August low of 278.20 cents and then at 275.00 cents. Wyckoff’s Market Rating: 6.0.
