Gold price a bit weaker, but bulls have stabilized market

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(Kitco News) Gold futures prices are modestly lower in early U.S. trading Thursday and silver is solidly higher. Importantly, bulls seem to be stabilizing both markets after Tuesday’s adverse debacle. October gold futures were down $ 6.60 a year at $ 1,933.90. September Comex silver prices were last up $ 0.541 at $ 26.52 an ounce.

Global stock markets were mixed in stock trading and the US stock indices are also pointing to mixed opening as the New York day session begins.

Focus Thursday is on the weekly U.S. report on unemployment claims, which is expected to show new claims at 1.1 million in the last week. Traders and investors will examine the data on jobs to try to measure the pace of the US economic recovery, if any. A surprising number were able to move the markets.

Also a bit downbeat for the market today are reports that the U.S. Democrats and Republicans in Congress are still far apart about any new incentive package for Americans. And Boston Federal Reserve President Eric Rosengren warned Thursday that Americans who do not follow guidelines issued by health officials will prolong the U.S. economic downturn.

The major foreign markets today see Nymex crude oil prices near stable and trade around $ 42.65 per barrel. The US dollar index is lower. The yield on the US Treasury 10-year benchmark benchmark is currently 0.66%.

Other U.S. economic data released Thursday includes import and export prices.

Technically, the golden bulls still have the overall technical advantage over the full term, but now need to defend what the latest ‘reaction low’ is in the still existing price trend on the daily chart – this week’s low of $ 1,865. 00. A drop below that level would ignore the uptrend of the short term to suggest that a market is in place in the near term. Bulls’ next upside price target is producing an end in October futures above solid resistance at $ 2,000.00. Bears’ next near-downside price target for close is pushing futures prices under solid technical support at $ 1,865.00. First resistance is seen at today’s high of $ 1,943.80 and then at Wednesday’s high of $ 1,952.30. Initial support is seen at night low of $ 1,914.90 and then at $ 1,900.00. Wyckoff’s Market Value: 7.0

September’s September silver futures still have the overall technical advantage over the full term, but now need to defend what the latest “reaction low” is in the still-existing price trend on the daily chart – this week’s low of $ 23.58. A drop below that level would ignore the uptrend of price to suggest that a near-term market top is in place. The next goal of Silver Bull is to close prices above solid technical resistance at $ 27.50 an ounce. The next objective of the bear price disadvantage is to close prices under fixed support at $ 23.58. Initial resistance is seen at the full high of $ 26,865 and then at $ 27.00. Next support is seen at $ 26.00 and then at the low low of $ 25,355. Wyckoff’s Market Value: 7.0.