The Brexit uncertainty is still weighing on European equities and even some global stock markets, to a lesser degree. The British Parliament is wrangling with U.K. Prime Minister Boris Johnson on the timing of the U.K. leaving the European Union. Johnson wants a resolution to the matter and a Brexit sooner. Parliament is divided on the topic. Right now, October 31 is the official Brexit date.
The Indian Diwali festival begins on Friday. Gold demand from Indian consumers usually rises during the festival. However, reports say Indian consumer gold demand could decrease up to 50% this year due to higher gold prices and an increase in the country’s gold import duty.
U.S. stock indexes are near steady in early afternoon trading. Caterpillar reported a big miss to the downside this morning, which is limiting buying interest in the U.S. equities.
The key “outside markets” today find Nymex crude oil prices higher in early U.S. trading today and trading around $54.30 a barrel. Meantime, the U.S. dollar index is slightly up on a mild corrective bounce from recent selling pressure that drove the index to a nine-week low earlier this week.
Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,525.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the October low of $1,465.00. First resistance is seen at $1,500.00 and then at $1,510.00. First support is seen at today’s low of $1,490.70 and then at this week’s low of $1,484.0
Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the October low of $16.94. First resistance is seen at Tuesday’s high of $17.68 and then at this week’s high of $17.895. Next support is seen at this week’s low of $17.44 and then at $17.33.