The GraveYard Shift

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AM-Roundup-Gold, silver see modest price gains amid weaker greenback

(Today We Run ! GLTA :)

by Jim Wyckoff

Thursday September 10, 2020 08:27



(Kitco News) - Gold and silver prices are modestly up in early U.S. trading Thursday, support in part by a weaker U.S. dollar index on this day and by the overall bullish chart postures for both metals. October gold futures were last up $3.40 at $1,950.20 and December Comex silver was last up $0.217 at $27.305 an ounce.

Global stock markets were mostly weaker overnight. U.S. stock indexes are set for modestly lower openings when the New York day session begins. Traders and investors are wondering if the rebound in the U.S. stock market will continue, following solid gains posted in the stock indexes Wednesday. The months of September and October can produce serious turbulence in the stock and financial markets.

The focus for the global marketplace Thursday is the regular monetary policy meeting of the European Central Bank. The ECB did not make any significant changes in policy, as expected, and said rates will remain low until inflation hits its target rate of around 2% annually. ECB President Lagarde will soon hold her press conference and traders are wondering if she will mention the strength of the Euro currency against the U.S. dollar recently.

The weekly U.S. jobless claims report is also out Thursday morning and is expected to show a slight drop in new claims, to around 850,000, following last week’s total of 881,000. These numbers are historically still very high.

The important outside markets today see the U.S. dollar index weaker following decent gains posted earlier this week. Nymex crude oil prices lower and trading around $37.50. The yield on the U.S. Treasury 10-year note is trading around 0.7% today.

U.S. economic data due for release Thursday includes the weekly jobless claims report, the producer price index, monthly wholesale trade, and the weekly DOE liquid energy stocks report.



Technically, the gold bulls still have the firm overall near-term technical advantage, amid recent choppy and sideways trading. Prices are still in an overall near-term uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in October futures above solid resistance at the September high of $1,992.50. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,900.00. First resistance is seen at $1,972.40 and then at $1,992.50. First support is seen at Wednesday’s low of $1,918.80 and then at this week’s low of $1,904.60. Wyckoff's Market Rating: 7.0



December silver futures bulls have the firm overall near-term technical advantage. Prices are still in an overall price uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the August high of $30.19 an ounce. The next downside price objective for the bears is closing prices below solid support at the August low of $23.80. First resistance is seen at $27.50 and then at $27.89. Next support is seen at Wednesday’s low of $26.565 and then at Tuesday’s low of $25.985. Wyckoff's Market Rating: 7.0.
By Jim Wyckoff


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