In midday U.S. trading on Thursday, both gold and silver prices experienced slight declines, correcting after gains earlier in the week. This downward trend was attributed to a robust rally in the U.S. dollar index. December gold slipped by $4.60 to $1,968.50, while December silver saw a decrease of $0.254, settling at $24.855.
Today’s focal point in U.S. economic data was the release of the personal income and outlays report for August, which included the closely monitored PCE inflation readings. The core PCE reading for August reported a year-on-year increase of 4.2%, aligning precisely with market expectations and slightly exceeding the 4.1% figure reported for July. The market displayed minimal reaction to this anticipated report.
The current week has seen a flurry of U.S. economic data, with the upcoming highlight being Friday’s employment situation report for August, published by the Labor Department. Analysts anticipate that the key non-farm payrolls number will show an increase of 170,000 jobs, down from the 187,000 reported in July. Given the less-than-encouraging U.S. data released earlier this week, many market participants expect that Friday’s jobs report will either meet market expectations or potentially show weaker figures.
U.S. stock indexes displayed mixed performance at midday, with bullish sentiment prevailing and hitting three-week highs overnight.
The broader financial landscape reveals that the U.S. dollar index strengthened significantly as a corrective rebound countered recent selling pressure. Meanwhile, Nymex crude oil futures prices climbed to around $82.50 per barrel. The benchmark U.S. Treasury 10-year note is currently trading at 4.08%.
From a technical standpoint, December gold futures indicate a near-term advantage for bears. Nonetheless, prices are beginning to exhibit an upward trend, and the next target for bullish momentum is to close above robust resistance at $2,000.00. Conversely, the bears’ next short-term objective is to push futures prices below the substantial technical support level established at the August low of $1,913.60. Initial resistance levels are observed at this week’s high of $1,977.10 and then at $1,985.00, while the initial support is found at Wednesday’s low of $1,962.80, followed by $1,950.00. Wyckoff’s Market Rating stands at 4.0.
Turning to December silver futures, the technical outlook favors silver bulls in the near term, with prices demonstrating an upward trend on the daily bar chart. The next bullish objective is to achieve closing prices above the sturdy technical resistance marked by the July high of $25.82. On the downside, bears are aiming for closing prices below the substantial support level at $23.50. Initial resistance is recorded at today’s high of $25.06 and this week’s high of $25.425. Meanwhile, initial support is identified at today’s low of $24.745 and then at $24.555. Wyckoff’s Market Rating for silver is 6.5.
December N.Y. copper concluded the trading session with a decline of 215 points, closing at 382.25 cents. Prices settled near the middle of the range. Copper bears currently hold a slight advantage in the near-term technical analysis, although prices are starting to exhibit an upward trajectory. The next target for copper bulls is to push and close prices above the formidable technical resistance at the August high of 403.75 cents. Conversely, bears aim to drive prices below the significant technical support level established at the August low of 367.00 cents. Initial resistance levels include this week’s high of 385.05 cents and 388.00 cents, while the first support levels are located at this week’s low of 378.00 cents and 375.00 cents. Wyckoff’s Market Rating for copper stands at 4.5.
