Gold And Silver Prices Down As Greenback Rebounds

New York (Aug 23)  Gold and silver prices are lower in early-afternoon U.S. trading Thursday, with gold back below $1,200.00. The U.S. dollar index has regained some footing and is trading solidly higher today after sliding lower most of this week, and that’s a daily negative for the precious metals markets. December gold futures were last down $9.40 an ounce at $1,193.90. September Comex silver was last down $0.21 at $14.54 an ounce.

Traders have pretty much digested Wednesday afternoon’s FOMC minutes, which said the Fed will very likely in September raise U.S. interest rates for the third time this year. The U.S. dollar was boosted by the FOMC minutes.

Another highlight of the trading week will be the annual meeting of world central bankers in Jackson Hole, Wyoming, that begins late Thursday. Past years’ meetings have produced important proclamations from world central bankers. Fed Chairman Powell is slated to speak at the symposium.

The other key outside market today finds Nymex crude oil prices slightly lower and trading just below $68.00 a barrel.

Technically, gold bears still have the overall near-term technical advantage amid a price downtrend on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close in December futures above solid resistance at $1,226.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the August low of $1,167.10.

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