Comex gold prices ended the U.S. day session weaker Thursday. Gold and silver were pressured by a firmer U.S. dollar index, and on some profit taking and technical consolidation. December gold last traded down $7.80 at $1,745.20 an ounce. Spot gold was last quoted down $5.90 at $1,744.50. December Comex silver last traded down $0.317 at $32.915 an ounce. The precious metals were negatively impacted by the firmer greenback Thursday. Fresh economic data out Thursday saw the Philadelphia Fed business index come in stronger than expected, which continues a trend of better-than-expected U.S. economic data. However, the weekly U.S. jobless claims report was weaker than expected. Still the dollar index moved to its session high following the “Philly Fed” report. The dollar index saw short covering in a bear market Thursday and the U.S. dollar bears still have the solid overall near-term technical advantage. Meantime, Nymex crude oil prices traded not far from unchanged Thursday. Crude oil bulls and bears are on a level near-term technical playing field amid choppy trading. These two key “outside markets” will continue to have a significant daily influence on gold and silver prices. In overnight news, China’s third-quarter gross domestic product came in at 7.4% growth, on an annual basis—the lowest growth rate since 2009 and the seventh quarter in a row of a decreasing growth rate. The second-quarter GDP number came in at 7.6%, on an annual basis. The latest figure was in line with market expectations. Asian stock markets rallied a bit and the precious metals showed a muted reaction to the latest China economic news. Many Asia market watchers now reckon the Chinese economy is on a good trajectory following recent stimulus efforts by the Chinese central bank. Such would be a bullish clue for the precious metals. Market attention is also on a two-day European Union leaders summit that began Thursday. Focus regarding the EU debt crisis is on when or if Spain will formally ask for more EU financial assistance. Falling Spanish bond yields this week, amid good demand at their debt auctions, hint that Spanish officials may not be in a hurry to seek financial assistance from the EU. Technically, December gold futures prices closed near mid-range Thursday. The gold bulls still have the overall near-term technical advantage but need to show power soon to regain upside technical momentum. The gold bulls’ next upside price breakout objective is to produce a close above solid technical resistance at $1,775.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,720.00. First resistance is seen at this week’s high of $1,755.50 and then at $1,765.00. First support is seen at Thursday’s low of $1,739.00 and then at this week’s low of $1,729.70. December silver futures prices closed nearer the session low Thursday and scored a mildly bearish “outside day” down on the daily bar chart. The firmer U.S. dollar index today helped to pressure silver. Bulls still need to show power soon to gain fresh upside technical momentum. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $34.38 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at $32.00. First resistance is seen at Thursday’s high of $33.325 and then at this week’s high of $33.47. Next support is seen at Thursday’s low of $32.745 and then at this week’s low of $32.57.
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