Gold climbs above unchanged as bulls buy the decline

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(Kitco News) – Gold prices are slightly higher Wednesday at noon in the US, thanks to short coverage by short-term traders and as bullish bargain buyers stepped in to buy the earlier decline prices. However, the major foreign markets are in daily bearish positions for metals mid-week and this has limited buying interest: a higher US dollar index, rising Treasury bond yields and prices of the US dollar. crude oil down. December gold futures rose $ 1.70 for the last time to $ 1,762.70. December’s Comex Silver lost $ 0.118 to $ 22.495 an ounce.

Today’s U.S. data point saw ADP’s national employment report for September reach a better-than-expected increase of 568,000 from forecast 425,000 jobs, and from an observed gain of 374,000. in the August ADP report. The ADP report precedes the Department of Labor’s larger U.S. employment report on Friday morning. The key number of non-farm jobs in this report is expected to increase by 500,000 in September after a paltry gain of 235,000 in August.

Global stock markets were mostly down in overnight trading. US stock indices are down at noon. Trading has become volatile in the indices, but short-term downward price trends are in place for S&P and Nasdaq futures. U.S. lawmakers are still struggling to agree on a big government spending bill as well as a debt ceiling bill. Reports indicate that the Biden administration is prepared to downsize the spending bill to get Republicans to accept it.

Reports indicate that India’s gold imports in September increased 658% from September 2020. India imported 91 metric tons of gold in September, up from 12 metric tons in September 2020. Manufacturers of jewelry stocked up on Indian currency, the rupee, appreciated and gold. the prices have gone down.

Major foreign markets are now seeing the US dollar index rise and come back close to last week’s 12-month high. Nymex crude oil futures are down and trading around $ 77.35 a barrel after hitting an almost seven-year high overnight. Meanwhile, the yield on 10-year US Treasuries is currently 1.517%.

Technically, December’s gold futures have the overall short-term technical advantage. A four week old downward price trend is in place on the daily bar chart. The Bulls’ next bullish price target is to produce a close above the solid resistance at $ 1,800.00. Bears’ next short-term bearish price target is to push futures prices below strong technical support at $ 1,700.00. First resistance is seen at this week’s high of $ 1,771.50 and then $ 1,775.00. First support is seen at today’s low at $ 1,745.40 and then $ 1,737.50. Wyckoff Market Score: 3.5

The December silver futures bears have a strong overall technical advantage in the short term. Prices are in a four week downtrend on the daily bar chart. The next bullish price target for Silver Bulls is to close the price above strong technical resistance at $ 24.00 an ounce. The next bearish price target for bears is to close price below strong support at $ 21.00. First resistance is seen at this week’s high of $ 22.805 and then $ 23.00. The next support is seen at today’s low at $ 22.185 and then at $ 22.00. Wyckoff Market Rating: 2.0.

December NY copper closed 535 points lower at 413.95 cents today. Prices closed closer to the session low today. Copper bears have a slight overall technical advantage in the short term. The next bullish price target for copper buyers is to push and close prices above strong technical resistance at the September high of 447.15 cents. The next bearish price target for bears is to close prices below strong technical support at the August low of 396.65 cents. First resistance is seen at today’s high of 421.85 cents and then this week’s high of 430.30 cents. First support is seen at today’s low at 411.40 cents and then 405.45 cents. Wyckoff Market Rating: 4.5.