Gold prices ended Thursday’s session slightly lower in the futures and steady in the cash market. A higher U.S. dollar index helped to push gold prices to session lows along with upbeat U.S. economic data in morning trading. Both gold and silver near-term technical postures improved this week. February Comex gold was last down $3.70 at $1,225.70 an ounce. Spot gold was last up $0.10 at $1,226.75. March Comex silver traded down last at $0.102, and $17.085 an ounce.
Positive rebounds in U.S. stock indexes were posted in afternoon trading. Gold and silver saw limited selling interest due to rising stock indexes. The dollar also saw a rise after upbeat weekly U.S. jobless claims and reports on retail sales.
In other news, Russia’s central bank increased interest rates by 1.0% attempting to support the ruble, which has hit a record low versus the U.S. dollar by dropping 40% of its annual value. Western sanctions and falling oil prices for Russia have been benefactors to the decline of the ruble.
Leaders in Chinese economics swore to push ahead with market-based economic reforms. The movement would keep China’s annual economic growth rate steady somewhere between 7.0% and 7.5%. Experts are projecting China’s central bank will install monetary policy stimulus measures in the next few months. Chinese officials have reported downward pressures that pose economic risks.
February gold futures closed prices near mid-range on a corrective pullback from Tuesday’s big gains. Regardless, the bulls have enjoyed a good week with prices from Tuesday hitting a six-week high. Gold bull’s next upside near-term breakout price objective is set to produce a close above solid technical resistance at this week’s high of $1,239.00. Bears’ next downside near-term pricing objective is closing below solid technical support at $1,200.00. First resistance projected near the Thursday high $1,233.40, and was followed by $1,239.00. First support was at Thursday’s low of $1,216.40, followed by $1,210.00. Wyckoff’s Market Rating: 3.5.
March silver futures closed prices near mid-range on chart consolidation. On Wednesday, prices hit a six-week high along with a solid week for bulls. Silver bulls’ next upside breakout price objective is closing above solid technical resistance at the October high of $17.825 an ounce. The downside breakout price objective for bears is set to close prices below solid support at the week’s low of $16.165. First resistance projected near the week’s high of $17.355, followed by $17.50. Next support projected at $16.81, and was followed by $16.50. Wyckoff’s Market Rating: 4.0.
