Bullish charts propel gold, silver prices strongly higher

(Kitco News) - Gold and silver prices are posting very sharp gains, with gold and silver hitting three-week highs and silver near its record high in midday U.S. trading Wednesday. The near-term technical postures for gold and silver have turned more bullish recently, which is inviting the chart-based speculators to play the long sides of both markets. The U.S. government will be likely be reopening within 24 hours and that has also boosted the precious metals markets. A resumption of U.S. economic data flows may better pave the way for a Federal Reserve interest rate cut in December. December gold was last up $73.80 at $4,189.00. December silver prices were up $2.111 at $52.86.

The U.S. House of Representatives members are returning to Washington, D.C. today for a vote to end the 43-day U.S. government shutdown. House Speaker Mike Johnson said he believes the legislation, a hard-fought compromise forged in the Senate and endorsed by President Trump, will pass quickly. “But he’ll need to keep his fractious party in line in the face of stiff resistance from House Democrats whose leaders are urging them to vote against the legislation,” reports Bloomberg.

The key outside markets today see the U.S. dollar index slightly higher. Crude oil prices are sharply down and trading around $58.86 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.1%.