Prices fell And US consumer inflation was slightly higher than expected in midday trade in the US on Thursday. Markets have seen a typical corrective pullback from recent price increases. The price fell Gold for December It costs between $2.90 and $1,884.20 Friday for December From $0.183 to $21.95.
Today’s Key US Inflation Report: The focus is on the September report. The consumer price index rose 3.7% from a year earlier, beating the consensus estimate of 3.6%. On a monthly basis, consumer prices rose 0.4%, pulling back from a 0.6% gain in August but beating market expectations of 0.3%. The consumer price index, excluding food and energy prices, rose 0.3% on the month and 4.1% on a 12-month basis, in line with expectations. This is the lowest level since September 2021. Today’s slightly warmer-than-expected CPI dampened sentiment in precious metals markets. However, rising safe-haven demand amid rising tensions in the Middle East is likely to keep gold and silver prices at a minimum..
Most Asian and European stocks rose overnight. US stock indexes are mixed at midday. U.S. stock indexes are climbing a wall of worry this week as unrest in the Middle East is at the forefront of the market’s mind..
Major foreign markets saw strong gains in the US index today, which was also a negative day for metals. Nymex was slightly higher, trading at $83.75 a barrel. The 10-year benchmark yield is currently 4.651%..
Technically, December is still seeing early signs of a market downturn. However, the bears still have a strong technical advantage overall in the near term. The daily bar chart has a five-month move in price. The next upside target for the bulls is above strong resistance at $1,900.00. The next near-term downside target for bears is pushing futures prices below strong technical support at $1,800.00. First resistance appears at $1,900.00 and then $1,913.60. First support appears at Wednesday’s low of $1,871.70 and this week’s low of $1,857.50. Wyckoff Market Rating: 3.0
December prices are a rough record today “day out”. Silver bears have a close technical advantage overall. There is a 2.5 month old drop in the daily bar chart. The next upside target for silver bulls is above strong technical resistance at $23.00. The next downside target for bears is a close of the March low at $20,615 below strong support. First resistance will appear at $22.39 and then $22.555 on today’s high. The next support is this week’s low of $21.705 and then $21.50. Wyckoff Market Rating: 3.0.
New York December closed 215 points lower at 359.05 cents today. Prices closed near session lows. Copper bears generally have a strong technical advantage in the near term. Prices have been moving in volatility for 2 months on the daily bar chart. The next upside target for copper bulls is to push prices above last week’s high of 378.60 cents and above strong technical resistance. The next downside target for bears is a close below strong technical support at 350.00 cents. First resistance will appear at this week’s high of 367.45 cents and then at 370.00 cents. First support is seen at today’s low of 358.35 cents and then at the October low of 354.90 cents. Wyckoff Market Rating: 2.0.
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