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Gold and silver futures were ending the U.S. day session modestly lower but well up from their daily lows. After seeing selling pressure for most of this week, the metals bears may now be exhausted on a near-term basis. December Comex gold was last down $3.30 an ounce at $1,282.90. December Comex silver was last down $0.041 at $17.00 an ounce.
A rally in the U.S. dollar index this week has combined with keener risk appetite to put the gold and silver markets on the defensive. The dollar index did back down from its session high Wednesday, which helped to bring the precious metals off their lows.
Still, the gold and silver bulls need to step up and show some power yet this week, or face the prospect of serious near-term chart damage being inflicted.
The U.S. stock indexes are at record highs this week, to underscore the “risk-on” mentality of the marketplace. Hopes for tax cuts in the U.S. are helping to lift the U.S. stock market. World monies continue to flow into equity markets, which limits investment demand for hard assets, such as the precious metals.
China on Wednesday started its twice-a-decade Party Congress meetings, in which major economic and cultural planning initiatives are laid out for the next five years. Traders and investors will keep a close watch for any pronouncements coming out of those meetings. China’s President Xi Jinping’s opening speech contained no surprises to the markets. He urged the government to play a greater role in the Chinese economy. He also said he wanted China to become more open in world market dealings.
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