Saying “Important Data Coming”, Analyst Shared His Gold Expectations!

Gold price is close to steady on the day of key US data release. Gold prices were trading little changed in US markets early Wednesday. The bulls have weakened this week and need to step up and show strength very soon to avoid serious technical damage in the short term. December gold was up $0.80 at $1,784.30 and December Comex silver was trading at $23,535, up $0.10 an ounce. Detail‘in.

Gold looks horizontal

US data on Wednesday included weekly MBA mortgage applications survey, third-quarter GDP second forecast, advanced economic indicators, durable goods orders, weekly jobless claims, personal income and spending, new home sales, University of Michigan consumer sentiment survey, weekly DOE liquid energy Stocks report and FOMC minutes from the last Fed meeting. Probably the most closely watched figure is the personal consumption expenditures (PCE) index in the GDP report, up 5.3% from the second quarter, in line with market expectations. This inflation figure is said to be watched very closely by Federal Reserve officials. The data just released were mixed but generally optimistic and had little impact on metals or other markets.

Global stock markets were mixed in overnight trading. US stock indices point to lower openings as the New York daily session begins. Increasing cases of Covid-19 in Europe and Asia continue to encourage risk aversion in the market. Austria is almost completely in quarantine and German authorities are warning that Covid cases are increasing at an alarming rate. Traders are keeping a close eye on the Turkish lira, which fell to a record low against the US dollar this week. Turkey’s president has recently forced the central bank to cut its main interest rate, despite growing inflation concerns. This sent the lira into a downward spiral. TL recovered somewhat on Wednesday.

The US Thanksgiving holiday is on Thursday and markets are closed in the US. There is a shortened trading session on Friday, which is historically one of the lowest volume trading days of the year. Major foreign markets see the US dollar index higher today, hitting a 15-month high overnight. Nymex crude oil prices are close to stable and are trading around $78.50 a barrel. The yield on the US Treasury 10-year bond is currently bringing in 1.657%.

Live 24 hours gold chart [Kitco Inc.]

technical view

Technically, December gold bulls generally have a slight short-term technical advantage, but they need to show new strength soon to maintain it. The seven-week uptrend has stopped on the daily bar chart. The bulls’ next upside price target is to produce a close above solid resistance at this week’s high at $1,850.40. The bears’ next short-term bearish price target is pushing futures prices below solid technical support at the November low of $1,758.50. Initial resistance is seen at the nightly high at $1,796.20 followed by $1,800.00. Initial support is seen at $1,775.00 followed by $1,758.50.

Live 24 hours silver chart [ Kitco Inc. ]

Silver bears generally have a short-term technical advantage. The seven-week uptrend has stopped on the daily bar chart. The silver bulls’ next upside price target is to close December futures prices above solid technical resistance at the November high of $25.49 an ounce. The next downside price target for the bears is to close prices below the solid support at $22.00. Initial resistance is seen at nightly high at $23,695 followed by $24.00. The next support is this week’s low of $23.28 followed by November’s low of $23,045.

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