(Kitco News) – Gold futures prices are modestly up in midday U.S. trading on this Christmas Eve day. It was a quieter trading session as many U.S. markets, including gold and silver futures, closed early. February gold futures were last up $4.80 at $1,882.90 and March Comex silver was last down $0.006 at $25.915 an ounce.
Global stock markets that were open Friday were mostly up. Some European markets were closed for the Christmas holiday. Markets are closed on Christmas Day Friday. U.S. stock indexes are slightly higher in midday dealings.
The marketplace remained tentative on this last trading day of the holiday-shortened week. President Trump unexpectedly vetoed a big U.S. defense spending bill on Wednesday and has held up a financial stimulus package for Americans that Congress had passed earlier this week. This comes at the same time the Covid-19 pandemic continues its rampage in the U.S., Europe and many other countries. Traders and investors are worried about the specter of more business and public restrictions coming soon.
On the bright side, European markets were upbeat on reports the U.K. and the European Union have agreed to a smooth Brexit deal.
The U.S. dollar index is weaker in midday U.S. trading. The other important outside market sees February Nymex crude oil futures prices near steady and trading around $48.15 a barrel. The yield on the benchmark 10-year U.S. Treasury note futures is currently trading around 0.92%.
There was no major U.S. economic data released Thursday as the U.S. government was closed for the Christmas Eve holiday.
Technically, the February gold futures bulls have the overall near-term technical advantage amid a price uptrend in place on the daily bar chart. However, bulls need to show fresh power soon to keep the uptrend alive. Bulls’ next upside price objective is to produce a close in February futures above solid resistance at the November high of $1,973.30. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $1,820.00. First resistance is seen at Tuesday’s high of $1,889.40 and then at $1,900.00. First support is seen at this week’s low of $1,859.00 and then at 1,850.00. Wyckoff’s Market Rating: 6.0
March silver futures bulls have the overall near-term technical advantage amid a near-term price uptrend still in place on the daily chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at this week’s high of $27.635 an ounce. The next downside price objective for the bears is closing prices below solid support at $24.00. First resistance is seen at today’s high of $26.08 and then at $26.27. Next support is seen at $25.50 and then at this week’s low of $25.12. Wyckoff’s Market Rating: 6.0.
