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1/19/23 Gold price firmer on chart-based buying interest

  8/14/23 US loss of AAA badge a reminder of 'regime shift' for government debt   7/18/23 Gold prices holding gains near four-week high as U.S. retail sales disappoint, rising 0.2% in June   7/6/23 Investors have more to lose without gold in their portfolio - WGC   5/19/23 Gold price could 'easily' regain $2k next week as more debt ceiling troubles ahead - analysts   5/10/23 Gold to outperform silver this year as recession risks build, says Bloomberg Intelligence   5/6/23 TEXAS HOUSE COMMITTEE PASSES BILL TO CREATE GOLD AND SILVER-BACKED DIGITAL CURRENCIES   5/3/23 Debt ceiling showdown: 5 possible outcomes   4/27/23 S&P 500 will crash 20% as ‘panic' sets in and gold hits $2,300 in 2023, Fed will cause ‘more tremors' in banking sector - Gareth Soloway   4/25/23 Debt crisis is a scary white swan for US economy   4/20/23 Gold price firmer as bulls stabilize the market   4/19/23 Gold price falls below $2,000 as market readjusts rate hike expectations   4/13/23 Dumping the Dollar: Will a new BRICS currency replace the US currency for trade?   3/14/23 Gold is the only true measure of value in our growing multipolar world - Byron King   3/9/23 Silver price to rise 1,000% as gold hits $5k by 2027, governments to "debase" their currencies - Rob McEwen   2/28/23 Gold below $1,600 vs. above $2,000: it depends on whether the Fed breaks the economy   2/23/23 Gold prices remains under pressure as U.S. Q4 GDP increased 2.7%, inflation remains persistently high   2/17/23 Sentiment suggests gold prices to struggle next week, but analysts see a potential buying opportunity   1/24/23 Gold eases off nine-month peak as U.S. dollar, yields gain   1/19/23 Gold price firmer on chart-based buying interest   1/17/23 PRECIOUS-Gold retreats as dollar gains upper hand   1/10/23 2023: Big Year for Gold, Silver and Platinum Prices   1/5/23 Demand for Gold by Central Banks Rose Its Fastest in 55 Years   1/3/23 Gold surges to 6-month high, and analysts expect records in 2023   12/29/22 Gold Price Rises Toward $1,900   12/19/22 Gold $3000 in 2023?   12/27/22 Outlook 2023 Investors were underweight gold in 2022, don't make the same mistake in 2023 - Frank Holmes   12/15/2022 Gold Ready to "Explode"
  1/19/23 Gold price firmer on chart-based buying interest (1)

Jim Wyckoff Thursday January 19, 2023 08:42

Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.

(Kitco News) - Gold prices are modestly higher in early U.S. trading Thursday, as the technical traders continue to flow to the long side of the market due to bullish charts. Silver prices are weaker as the bulls have faded a bit recently. February gold was last up $5.00 at $1,912.00 and March silver was down $0.247 at $23.40.

Global stock markets were mixed but mostly lower overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins. The U.S. stock index bulls were derailed Wednesday when U.S. retail sales data came in weaker than expected, which revived notions the U.S. economy could slip into recession in 2023.  

The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil futures prices are slightly lower and trading around $78.75 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 3.388%. U.S. Treasury yields have dropped in the wake of a tamer U.S. producer price index report on Wednesday and the weaker U.S. retail sales report.  

U.S. economic data due for release Thursday includes the weekly jobless claims report, the Philadelphia Fed business survey, new residential construction, and the weekly DOE liquid energy stocks report.

Live 24 hours gold chart [Kitco Inc.]

Technically, the gold futures bulls have the solid overall near-term technical advantage. Prices are in a nine-week-old uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in February futures above solid resistance at $1,950.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,870.00. First resistance is seen at today’s high of $1,918.40 and then at this week’s high of $1,931.80. First support is seen at $1,900.00 and then at $1,885.00. Wyckoff's Market Rating: 8.0

Live 24 hours silver chart [ Kitco Inc. ]

The silver bulls have the overall near-term technical advantage. A choppy, four-month-old uptrend on the daily bar chart has stalled out. Silver bulls' next upside price objective is closing March futures prices above solid technical resistance at the January high of $24.775. The next downside price objective for the bears is closing prices below solid support at $22.00. First resistance is seen at the overnight high of $23.69 and then at $24.00. Next support is seen at the January low of $23.26 and then at $23.00. Wyckoff's Market Rating: 6.5.

By Jim Wyckoff

For Kitco News

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