- Gold and silver prices are near steady in early U.S. trading Wednesday, but not far above this week's multi-month lows. The precious metals bulls are working to stop the bleeding but remain timid as the U.S. dollar is still strong overall, and U.S. Treasury yields are at 16-year highs. December gold was last down $0.80 at $1,840.70 and December silver was down $0.002 at $21.375.
And then there's the U.S. Treasury sell off that has the marketplace spooked. A Barron's headline today reads: “The bond and stock sell off has momentum. Here's how it could end.” The story goes on to say “markets have decided to pay attention to the prospect of the Federal Reserve keeping interest rates higher for longer. And now that's all they can see.” The story said the ways the bond market rout can end would be if the Fed stops or reduces its bond selling.
The key outside markets today see the U.S. dollar index weaker on a corrective pullback after hitting a 10-month high Tuesday. Nymex crude oil prices are lower and trading around $87.50 a barrel. There is an OPEC meeting today. Meantime, the benchmark U.S. Treasury 10-year note yield is presently fetching 4.817% and has hit a 16-year high.
Technically, the gold futures bears have the solid overall near-term technical advantage. Prices are in an accelerating four-month-old downtrend on the daily bar chart. Bulls' next upside price objective is to produce a close in December futures above solid resistance at $1,900.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,800.00. First resistance is seen at $1,850.00 and then at this week's high of $1,864.70.
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