Thursday, October 21, 2021


Gold, silver weaker on routine draw back corrections amid worth uptrends

Editor’s Observe: With a lot market volatility, keep on high of day by day information! Get caught up in…

By Staff , in Silver , at October 21, 2021


Editor’s Observe: With a lot market volatility, keep on high of day by day information! Get caught up in minutes with our speedy abstract of as we speak’s must-read information and skilled opinions. Enroll right here!

(Kitco Information) – Gold and silver costs are modestly decrease in noon U.S. buying and selling Thursday, on regular corrective pullbacks after latest features. Each metals stay in near-term worth uptrends on the day by day bar charts. A firmer U.S. greenback index on this present day can be a unfavorable outdoors market aspect for the metals markets. December gold futures have been final down $2.20 at $1,782.70. December Comex silver was final down $0.245 at $24.20 an oz..

World inventory markets have been principally decrease in in a single day buying and selling. The U.S. inventory indexes are combined at noon. The U.S. inventory market bulls are again in enterprise because the S&P 500 and the Nasdaq indexes are closing on their file highs scored in September. An excellent company earnings season has lifted dealer and investor threat sentiment as they work by what might be the traditionally troublesome month of October. For the second it seems {the marketplace} has pushed to the again burner rising inflation and the prospect of main world economies slowing down in theor post-pandemic recoveries.

The key outdoors markets as we speak see the U.S. greenback index firmer after hitting one other three-week low in a single day. Crude oil costs are decrease and buying and selling round $83.00 a barrel after hitting a seven-year excessive in a single day. Meantime, the 10-year U.S. Treasury word yield is presently fetching 1.66%.

Live 24 hours gold chart [Kitco Inc.]

Technically, December gold futures bulls have the general near-term technical benefit amid a three-week-old worth uptrend in place on the day by day bar chart. Bulls’ subsequent upside worth goal is to supply an in depth above strong resistance on the October excessive of $1,801.90. Bears’ subsequent near-term draw back worth goal is pushing futures costs under strong technical assist on the September low of $1,721.10. First resistance is seen at as we speak’s excessive of $1,790.30 after which at $1,800.00. First assist is seen at $1,775.00 after which at Wednesday’s low of $1,767.10. Wyckoff’s Market Score: 6.0

Live 24 hours silver chart [ Kitco Inc. ]

December silver costs hit a six-week excessive as we speak. The silver bulls have the general near-term technical benefit. Costs are in a three-week-old uptrend on the day by day chart. Silver bulls’ subsequent upside worth goal is closing costs above strong technical resistance at $25.00 an ounce. The subsequent draw back worth goal for the bears is closing costs under strong assist at $22.50. First resistance is seen at as we speak’s excessive of $24.55 and then on the September excessive of $24.945. Subsequent assist is seen at $24.00 after which at Wednesday’s low of $23.615. Wyckoff’s Market Score: 6.0.

December N.Y. copper closed down 1,665 factors at 456.80 cents as we speak. Costs closed nearer the session excessive low as we speak on heavy revenue taking and weak lengthy liquidation. The copper bulls nonetheless have the general near-term technical benefit however light as we speak. Costs are nonetheless in a four-week-old uptrend on the day by day bar chart. Copper bulls’ subsequent upside worth goal is pushing and closing costs above strong technical resistance at this week’s excessive of 482.30 cents. The subsequent draw back worth goal for the bears is closing costs under strong technical assist at 435.00 cents. First resistance is seen at 460.00 cents after which at 465.00 cents. First assist is seen at as we speak’s low of 455.20 cents after which at 450.00 cents. Wyckoff’s Market Score: 6.5.



Disclaimer: The views expressed on this article are these of the writer and will not mirror these of Kitco Metals Inc. The writer has made each effort to make sure accuracy of knowledge offered; nonetheless, neither Kitco Metals Inc. nor the writer can assure such accuracy. This text is strictly for informational functions solely. It’s not a solicitation to make any alternate in commodities, securities or different monetary devices. Kitco Metals Inc. and the writer of this text don’t settle for culpability for losses and/ or damages arising from using this publication.



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