Gold and Silver Prices Drop Amidst Global Factors | MintedMarket USA Gold and Silver Prices Drop Amidst Global Factors | MintedMarket USA

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Gold and Silver Prices Drop Amidst Global Factors

Gold and Silver Prices Drop Amidst Global Factors

Gold and Silver Prices Drop Amidst Global Factors
Gold and silver experienced a subtle downturn during the early stages of U.S. trading this Monday. The once-prominent bullish momentum in precious metals now hungers for a positive fundamental catalyst to rekindle a sense of optimism. Currently, the ascendancy of U.S. Treasury yields takes precedence over a slip in the U.S. dollar index and an uptick in crude oil prices, prompting caution among gold and silver buyers. The latest data reveals December gold down by $10.00, settling at $1,974.70, while December silver underwent a modest dip of $0.362, reaching $23.495.

As the sun set on Asian and European markets, a mixed narrative emerged in overnight trading. U.S. stock indexes hinted at slightly higher openings as the New York day session unfurled. However, the week's trading atmosphere anticipates a subdued tone, with the impending U.S. Thanksgiving holiday casting its shadow, and Friday poised to be one of the quietest trading days of the year.

Exploring external market indicators, the U.S. dollar index descends, hitting an 11-week low overnight. Concurrently, Nymex crude oil prices ascend, lingering around $77.00 a barrel. Rumors circulate about OPEC pondering additional oil-production cuts, with a consequential meeting scheduled for the upcoming weekend in Vienna. Simultaneously, the yield on the benchmark U.S. Treasury 10-year note maintains a stance at 4.472%.

From a technical standpoint, gold futures bulls retain a marginal overall near-term advantage. Their pursuit is now focused on achieving a close in December futures above robust resistance at $2,000.00. In contrast, bears aim to force futures prices below substantial technical support at $1,900.00. Initial resistance benchmarks include the overnight high of $1,987.80 and last week's pinnacle of $1,996.40. Conversely, support manifests at the overnight low of $1,972.50, followed by $1,959.00. Wyckoff's Market Rating for gold hovers at 5.5.

Shifting attention to silver, the bulls command the overall near-term technical advantage. Their aspiration is to secure a closure of December futures prices above solid technical resistance at $25.00. Conversely, bears target closing prices below the formidable support at the November low of $21.925. Initial resistance is acknowledged at the overnight high of $23.87 and then at $24.00, while support levels rest at $23.25 and $23.00. Wyckoff's Market Rating for silver stands at 6.0.
Gold and silver experienced a subtle downturn during the early stages of U.S. trading this Monday. The once-prominent bullish momentum in precious metals now hungers for a positive fundamental catalyst to rekindle a sense of optimism. Currently, the ascendancy of U.S. Treasury yields takes precedence over a slip in the U.S. dollar index and an uptick in crude oil prices, prompting caution among gold and silver buyers. The latest data reveals December gold down by $10.00, settling at $1,974.70, while December silver underwent a modest dip of $0.362, reaching $23.495.

As the sun set on Asian and European markets, a mixed narrative emerged in overnight trading. U.S. stock indexes hinted at slightly higher openings as the New York day session unfurled. However, the week's trading atmosphere anticipates a subdued tone, with the impending U.S. Thanksgiving holiday casting its shadow, and Friday poised to be one of the quietest trading days of the year.

Exploring external market indicators, the U.S. dollar index descends, hitting an 11-week low overnight. Concurrently, Nymex crude oil prices ascend, lingering around $77.00 a barrel. Rumors circulate about OPEC pondering additional oil-production cuts, with a consequential meeting scheduled for the upcoming weekend in Vienna. Simultaneously, the yield on the benchmark U.S. Treasury 10-year note maintains a stance at 4.472%.

From a technical standpoint, gold futures bulls retain a marginal overall near-term advantage. Their pursuit is now focused on achieving a close in December futures above robust resistance at $2,000.00. In contrast, bears aim to force futures prices below substantial technical support at $1,900.00. Initial resistance benchmarks include the overnight high of $1,987.80 and last week's pinnacle of $1,996.40. Conversely, support manifests at the overnight low of $1,972.50, followed by $1,959.00. Wyckoff's Market Rating for gold hovers at 5.5.

Shifting attention to silver, the bulls command the overall near-term technical advantage. Their aspiration is to secure a closure of December futures prices above solid technical resistance at $25.00. Conversely, bears target closing prices below the formidable support at the November low of $21.925. Initial resistance is acknowledged at the overnight high of $23.87 and then at $24.00, while support levels rest at $23.25 and $23.00. Wyckoff's Market Rating for silver stands at 6.0.
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