Gold and Silver’s Next Destination These Levels!

Gold and silver rally on inflation concerns makes people smile. Gold and silver prices are quite high mid-Wednesday. Concerns about rising inflation are fueling interest in metals. Also, technical stances for both precious metals have been more bullish lately. December gold futures were last at $1,784.20, up $13.80. December Comex silver was last trading at $24.10 an ounce, up $0.202. Details cryptocoin.com‘in.

Upward in gold price

Global stock markets rose mostly in overnight trading. US stock indices rose in the middle of the day. US stock indices have recovered impressively from October lows and are now in a position to challenge the record highs recorded in September. The mostly optimistic company earnings reports currently overshadow concerns about inflation and slowing global economic growth. Bitcoin prices, on the other hand, climbed well above $64,000 in the cryptocurrency after a US exchange-traded fund debuted on Tuesday, hitting a record high on Wednesday.

Eurozone September consumer price index increased 0.5% compared to August and 3.4% year-on-year. These figures were in line with market expectations and were not considered too hot. However, there are growing views that inflationary pressures will become stronger in the coming months. Reports of shortages of supplies are increasing for some critical raw commodities such as copper, while at the same time shipping bottlenecks are preventing many supplies from reaching their targets. Respected commodity trader Paul Tudor Jones added that he believes the inflationary pressures are not only temporary and that the long side of commodity markets will be more favorable in the coming months. Indeed, this is very likely to attract significantly more speculators to the long side of the commodity futures markets, including metals. Major foreign markets see the US dollar index weaker today. Crude oil prices are higher, trading around $83.50 a barrel. Meanwhile, the 10-year U.S. Treasury bond yield currently yields 1.65%.

technical view

Technically, December gold bulls have the overall short-term technical advantage amid the three-week price uptrend on the daily bar chart. The bulls’ next upside price target is to produce a close above the solid resistance at the October high at $1,801.90. The bears’ next short-term bearish price target is pushing futures prices below solid technical support at the September low of $1,721.10. Initial resistance is seen at today’s high at $1,789.60 followed by $1,800.00. Initial support is seen at $1,775.00 followed by this week’s low at $1,760.30.

December silver futures prices hit a five-week high today. Silver bulls generally have a short-term technical advantage. Prices are in a three-week uptrend on the daily chart. 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 solid support at $22.50. Initial resistance is seen at $24.50 followed by $24.75. The next support is seen at $24.00 followed by today’s low at $23,615.

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