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November 21, 2024
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Precious Metals

Gold firmer on some more modest safe-haven buying


(Kitco News) – Gold prices are up a bit near midday Tuesday, but down from daily highs, on some more mild safe-haven demand after a weekend terrorist strike in Jordan killed three U.S. soldiers. Now the world anxiously awaits the U.S. military’s response. Don’t be surprised if gold sees a stronger price rally when the U.S. does make its retaliatory strike, which is likely to be stronger than recent responses to Houthi missile attacks on ships in the Red Sea. April gold was last up $6.80 at $2,051.30. March silver was last down $0.081 at $23.175.

My “Markets Front Burner” weekly email report is out Wednesday morning. I’ll give you some fresh insight on what’s moving markets prices and in which likely direction. Front Burner is my best writing and analysis, I think, because I get to look ahead at the marketplace and do some market price forecasting. I also do a fun, yet educational, feature to move you up the ladder of trading/investing success. And it’s all free! Email me at jim@jimwyckoff.com and I’ll add your email address to the weekly Front Burner email list.

U.S. stock index futures are slightly lower near midday. Risk aversion remains keener early this week after an Iran-backed Houthi drone strike against U.S. troops in Jordan last weekend killed three U.S. soldiers. President Biden said the U.S. would respond.

Meantime, the U.S. economic data point of the week is the Open Market Committee meeting of the Federal Reserve that begins Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chairman Jerome Powell. The FOMC is not expected to change U.S. monetary policy at this meeting but will likely give fresh guidance on futures policy plans. It’s my bias the Fed will make no changes in policy but lean slightly hawkish on its money policy, following recent upbeat U.S. economic reports.

The key outside markets today see the U.S. dollar index just a bit weaker. Nymex crude oil prices are firmer and trading around $77.75 a barrel. Meantime, the yield on the benchmark U.S. Treasury 10-year note is presently fetching around 4.08%.

Technically, April gold futures bulls have the overall near-term technical advantage. A six-week-old downtrend on the daily bar chart is now in jeopardy. Bulls’ next upside price objective is to produce a close above solid resistance at $2,100.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $2,000.00. First resistance is seen at today’s high of $2,068.00 and then at $2,075.00. First support is seen at this week’s low of $2,037.70 and then at the January low of $2,023.30. Wyckoff’s Market Rating: 6.0.

March silver futures bears have the overall near-term technical advantage. A seven-week-old downtrend is in place on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $24.00. The next downside price objective for the bears is closing prices below solid support at the October low of $21.17. First resistance is seen at today’s high of $23.43 and then at $23.72. Next support is seen at this week’s low of $22.88 and then at $22.465. Wyckoff’s Market Rating: 3.5.

March N.Y. copper closed up 80 points at 388.70 cents today. Prices closed near the session high today. The copper bulls have the slight overall near-term technical advantage. Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at the December high of 397.40 cents. The next downside price objective for the bears is closing prices below solid technical support at the January low of 371.45 cents. First resistance is seen at last week’s high of 389.35 cents and then at 393.30 cents. First support is seen at this week’s low of 382.75 cents and then at 380.00 cents. Wyckoff’s Market Rating: 5.5.

Hey!! Try out my “Markets Front Burner” weekly email report. Front Burner is my best writing and analysis, I think, because I get to look ahead at the marketplace and do some market price forecasting. Plus, I’ll throw in an educational feature to move you up the ladder of trading/investing success. And it’s free! Email me at jim@jimwyckoff.com and I’ll add your email address to the Front Burner list.

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.



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