140 shares, 353 points

Gold and silver rally on inflation concerns makes people smile. Gold and silver prices are high on yellow at mid-day Wednesday. Concerns about rising inflation are fueling interest in metals. Also, technical stances for both precious metals have been more bullish lately. December gold futures were last up $13.80 at $1,784.20. December Comex silver was last trading at $24.10 an ounce, up $0.202. Details Cryptocoin. com

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The direction in the gold price is up

Global stock markets rose mostly in overnight trading. US stock indices rose in the middle of the day. U.S. stock indices have recovered impressively from October lows and are now in a position to challenge the record highs recorded in September. The mostly optimistic corporate earnings reports currently overshadow concerns about inflation and slowing global growth. Bitcoin prices, on the other hand, rose well above $64,000 in the cryptocurrency after a US exchange-traded fund entered it on Tuesday, hitting a record high on Wednesday.

Eurozone September consumer price index increased by 0.5% compared to August and increased by 3.4% year-on-year. These figures were in line with market expectations and were not considered too hot. However, there are growing views that inflationary pressures will become stronger in the coming months. Reports of shortages in supply are increasing for some critical raw commodities, such as copper, while at the same time shipping bottlenecks are preventing many supplies from reaching their targets. Respected commodity trader Paul Tudor Jones added that he believes that inflationary pressures are not only temporary and that the long side of commodity markets will be more favorable in the coming months. Indeed, this is very likely to attract significantly more speculators to the long side of the commodity futures markets, including metals. Major foreign markets see the US dollar index weaker today. Crude oil prices are higher yellow, trading around $83.50 a barrel. Meanwhile, the 10-year U.S. Treasury bond yield currently brings in 1.65%.

Technical view

Technically, December gold bulls have the overall short-term technical advantage amid the three-week price uptrend on the daily bar chart. The bulls’ next upside price target is to produce a close above the solid resistance at the October high of $1,801.90. The bears’ next short-term bearish price target is pushing futures prices below solid technical support at September’s low of $1,721.10. Initial resistance is seen at today’s high at $1,789.60 followed by $1,800.00. Initial support is seen at $1,775.00 followed by this week’s low at $1,760.30.

December silver futures pricesyellow hit a five-week high today. Silver bulls generally have a short-term technical advantage. Fiyadollarsar is in a three-week uptrend on the daily chart. Silver bulls’ next upside price target is to close above solid technical resistance at $25.00 per ounce. The next downside price target for the bears is to close below solid yellow support at $22.50. Initial resistance is seen at $24.50 followed by $24.75. The next support is seen at $24.00 followed by today’s low at $23.615.

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140 shares, 353 points

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