Market analyst Jim Wyckoff says gold prices posted good gains in US trading on Monday, with support coming from the weaker US dollar index (DXY), stronger crude oil prices and lower US government bond yields on this first trading day of the week and month.
Investors focused on post-FOMC statements
Global equity markets were mixed, but mostly stronger in overnight trading. US stock indexes rose slightly in the middle of the day after hitting record highs earlier today. Stock bulls look even more confident as the calendar turns to November and the historically turbulent September and October are behind us. The analyst says the seasonal “Santa Claus rally” could push stocks even higher by the end of the year.
cryptotokoin.com A key data point this week is the Federal Reserve Open Market Committee meeting, which started on Tuesday morning and ended with a statement Wednesday afternoon. The FOMC is believed to be clear on the timing of the contraction of the monthly bond-buying program, and most accounts think it will start to happen sooner or later. It looks like Fed officials are finally realizing what the market has known for a while. Inflation continues to rise and has become problematic in some sectors, and there is no hint that inflation will decrease anytime soon.
Gold and silver price technical analysis
Technically, the December gold bulls have the overall short-term technical advantage amid a four-week price uptrend on the daily bar chart, and the bulls’ next upside price target is above the solid resistance at $1,836.90, the September high. He states that it is to produce a closure and continues his analysis in the following direction:
The bears’ next short-term bearish price target is to push futures prices below solid technical support at $1,750.00. Initial resistance is seen at $1,800.00 followed by the October high at $1,815.50. Initial support is seen at today’s low at $1,780.20, followed by last week’s low at $1,772.40.
According to the analyst, December silver bulls generally have the short-term technical advantage. The analyst says that prices are in a four-week uptrend on the daily chart, noting the following technical levels:
Silver bulls’ next upside price target is to close prices above solid technical resistance at $25.00 an ounce. The next downside price target for the bears is to close prices below the solid support at $23.00. Initial resistance is seen at $24.33 followed by $24.50. The next support is seen at $23,705 last week’s low, followed by $23.50.
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