Gold, silver prices near steady as choppy, sideways trading continues – Kitco News

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() –  Gold and silver prices are trading near unchanged in early U.S. dealings Thursday. Sideways and choppy price action has been occurring in the metals for the past couple weeks, amid no major geopolitical flare-ups. December gold futures were last up $0.30 an ounce at 1,495.90. December Comex silver prices were last up $0.015 at $17.595 an ounce.

U.S. economic data just released showed weekly jobless claims down 6,000, which was better than expected. Meantime, September durable goods orders came in worse-than-expected at down 1.1% versus expectations of down 0.8%. The markets showed little reaction to the news.

Asian and European stock indexes were mixed but mostly firmer overnight. U.S. stock indexes are pointed toward modestly higher openings when the New York day session begins. Focus in the U.S. stock market is on a heavy slate of corporate earnings reports this week.

The European Central Bank is holding its regular monetary policy meeting Thursday, which is the last one for outgoing ECB chief Mario Draghi. No major changes in ECB monetary policy is expected at this meeting.

The central bank of Indonesia cut its interest rates today, with Turkey expected to do the same today. The central banks of Sweden and Norway held their interest rates steady at meetings today.

The Euro zone October composite purchasing managers index (PMI) came out at 50.2, which was slightly below expectations. The manufacturing PMI in October was 45.7. A reading below 50.0 suggests contraction in the sector. Germany, the workhorse of the Euro zone economy, had a manufacturing PMI reading of 41.9 in October.

The key “outside markets” today find Nymex crude oil prices weaker in early U.S. trading today and trading around $55.50 a barrel. Meantime, the U.S. dollar index is slightly up on a mild corrective bounce from recent selling pressure that drove the index to a nine-week low earlier this week.  

U.S. economic data due for release Thursday includes the weekly jobless claims report, durable goods orders, the U.S. flash manufacturing and services PMIs, new residential sales and the Kansas City Fed manufacturing survey.

Technically, the gold bulls have the overall near-term technical advantage. A six-week-old downtrend line is still in place on the daily bar chart. Bulls’ next upside price objective is to produce a close in December futures above solid resistance at $1,525.00. Bears’ next near-term downside price breakout objective is pushing December futures prices below solid technical support at the October low of $1,465.00. First resistance is seen at $1,500.00 and then at last week’s high of $1,503.00. First support is seen at $1,490.00 and then at last week’s low of $1,478.00. Wyckoff’s Market Rating: 6.5

December silver futures bulls have the overall near-term technical advantage and have finally negated a six-week-old downtrend line in place on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the October low of $16.94. First resistance is seen at this week’s high of $17.895 and then at $18.00. Next support is seen at this week’s low of $17.44 and then at $17.33. Wyckoff’s Market Rating: 6.5.