Gold and silver prices rose violently again today, Wednesday, to raise gold prices to a 6-month peak again, while silver prices rose to an 8-month peak yesterday, Tuesday. It is clear from these transactions the high degree of attraction enjoyed by safe havens in the first week of trading in 2023.
Gold futures contracts are now trading at $1857 an ounce, up by 0.58%, while spot contracts for the yellow metal rose by 0.68%, to trade at $1852.32 an ounce.
On the other hand, it seems that silver entered a quiet downward correction, as it is trading today, down by 0.12%, to record $24.205 an ounce.
The biggest downward blow came to both types of oil, as crude oil futures fell by 4.39% today, to record $73.52 a barrel, while Brent oil fell by 4.32%, to record $78.55 a barrel. Self-prices are heading downwards as a result of fears of the spread of the “Doomsday” mutant around the world, in addition to the announcement that the American company Chevron (NYSE:CVX) has obtained a license from the American authorities to transport a shipment of oil from Venezuela to American refineries (TADAWUL: 2030). The first shipment this month is 500 thousand barrels.
Chevron is the third largest US energy company by market capitalization, and 24th among all companies
The US dollar index recorded a decline of 0.15%, to record 104.170 against a basket of foreign currencies, while the US Treasury bond yields fell strongly, as the 10-year Treasury bond yields fell by 2.24%, to record 3.707% now.
The US indices also started their trading on a slight decline, as the Nasdaq lost 0.21% today, the Dow Jones fell by 0.21%, and the S&P 500 fell by 0.10%.
Important data.. job opportunities
The US JOLTs job opportunities data was released, and the US market provided 10.458 million job opportunities, while experts expected only 10.000 million job opportunities.
Previous readings were revised to record 10.512 million jobs.
Job opportunity data is of great importance as it is an indicator of the state of the US labor market and its ability to keep up with the interest rate hike. Jerome Powell uses US job opportunities a lot when talking about the strength of the US market.
Technically, the gold futures bulls have a strong overall technical advantage in the near term. Prices have been in an upward trend for 2 months on the daily bar chart. The next upside price target for the bulls is to achieve a close in the February futures contract above the strong resistance at $1900.00. Bears’ next bearish price target in the near term is pushing futures prices below strong technical support at $1775.00. We notice the first resistance at the high of the day at $1871.30, then at $1900.00. The first support is seen at $1,850.00 and then the overnight low at $1,842.00.
The silver bulls have a strong overall technical advantage in the near term. There is a four-month choppy bullish trend on the daily bar chart. The next upside price target for the silver bulls is for the March futures price to close above the strong technical resistance at $25.00. The next downtrend price target for the bears is to close the price below the strong support level at $23.00. We notice the first resistance at this week’s high of $24.775 and then $25.00. The next support is seen at this week’s low of $24.095 and then $24.00.