(Kitco News) – Gold prices are modestly high in early US trade on Wednesday, while the silver market is again sharply higher, hitting a more than two-year high overnight. Concerns about slowing global economic growth amid falling interest rates on government bonds encourage traders and investors to seek out precious metals in a safe haven. Gold futures in December were last up $ 2.10 an ounce at 1553.80. Comex silver prices last December were up $ 0.252 to $ 18.555 per ounce.
Asian and European stock markets were mixed to weaken overnight. US stock indices point to lower openings as the day in New York begins.
There were no major news developments overnight to move markets. Still, mid-week risk appetite is less robust, as there are storm clouds in the market horizon, including the lingering US-China trade war, Brexit concerns and slowing global economic growth.
The US Treasury yield curve is still partly the reverse. at mid-week, as the 2-year note yield is above the return on the 1
The most important "outside markets" today are looking at prices for Nymex crude oil and trading around $ 55.75 a barrel. The US dollar index is firmer.
U.S. economic data to be released Wednesday include the weekly MBA mortgage survey and the weekly DOE report on liquid energy storage.
Technically, gold ox has the solid overall near term technical advantage. A three-month-old trend is in place in the daily bar chart. The Bulls' next upside target is to produce an end to October futures over solid resistance of $ 1,600.00. Bears & # 39; s next long-term downward price trend is to push futures prices in December under solid technical support to $ 1,500.00. First resistance is seen at this week's high of $ 1,565.00 and then at 1,575.00. First aid can be seen at today's lowest price of $ 1,541.40 and then at this week's lowest value of $ 1,534.80. Wyckoff & # 39; s Market Rating: 8.0.
December silver futures bulls have the strong general technical advantage in the near term. Prices are in an accelerating three-month-old trend on the daily bar chart. Silver Bull's next upside price target is to close prices above solid technical resistance at $ 19.00 an ounce. The next price trend for the Bears is to close the prices under solid support at the week's low price of $ 17.64. First resistance is seen at the highest night of $ 18.62 and then at $ 18.75. Next support is seen at the low night of $ 18.17 and then at $ 18.00. Wyckoff's market valuation: 8.5.
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