- Gold and silver prices are firmer in midday U.S. trading Wednesday, on more safe-haven demand amid the Israel-Hamas war that could escalate in the near term. Notions of continued pause in Federal Reserve interest rate increases are also a bullish element for the metals markets. December gold was last up $8.00 at $1,883.50 and December silver was up $0.182 at $22.125.
Traders and investors have also been somewhat assuaged this week by comments from some Federal Reserve officials that sounded less hawkish. Reads a Wall Street Journal headline today: “High bond yields likely to extend Fed's pause.” Due out later today is the Federal Reserve's FOMC minutes from its last meeting. However, given the weekend Middle East events, these FOMC minutes are not likely to be a big markets-mover.
Technically, December gold futures see very early clues that a market bottom is in place. However, the bears still have the firm overall near-term technical advantage. A five-month-old price downtrend is in place on the daily bar chart. Bulls' next upside price objective is to produce a close 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.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »