(Kitco News) - Gold and silver prices are modestly higher in early trading Friday, as the market event of the week, if not the month, lies just ahead: Federal Reserve Chairman Jerome Powell’s speech at the annual Kansas City Fed symposium. October gold futures were last up $3.80 at $1,796.80. September Comex silver was last up $0.085 at $23.635 an ounce.
The annual Fed confab being held in Jackson Hole, Wyoming late this week has seen four Fed officials on Thursday and early today say they favor tapering the central bank’s very accommodative monetary policy sooner rather than later—despite the growing concerns about the resurgence of the coronavirus and its potential impact on the U.S. and global economies. Powell is slated to speak virtually on Friday morning at 10:00 a.m. EDT. Many traders and investors had believed the Federal Reserve would extend its easy-money policies for a longer period of time than they had planned just a few weeks ago, due to the spreading Covid delta variant. Powell may still feel that way and may provide more clarity to his intentions this morning. Some market watchers believe Powell in his speech won’t tip his hand on timing of any Fed policy moves.
Global stock markets were mixed in quieter trading overnight. The U.S. stock indexes are pointed to firmer openings when the New York day session begins. The terrorist bombings in Kabul, Afghanistan Thursday that killed over a dozen American soldiers and many more Afghans did not have a major impact on markets, but has tempered risk appetite in the marketplace late this week.
The key outside markets today see the U.S. dollar index slightly lower but still trending higher. Nymex crude oil futures prices are higher and trading around $68.60 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 1.341%. U.S. bond yields are in the rise this week, hinting that bond traders are concerned about U.S. monetary policy tightening coming from the Fed sooner rather than later.
U.S. economic data due for release Friday includes personal income and outlays, advance economic indicators, and the University of Michigan consumer sentiment survey.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, October gold futures bulls have the slight overall near-term technical advantage but need to show fresh power soon to keep it. Prices are still in an uptrend on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at the July high of $1,836.20. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,750.00. First resistance is seen at $1,800.00 and then at this week’s high of $1,809.80. First support is seen at the overnight low of $1,791.70 and then at Thursday’s low of $1,779.20. Wyckoff's Market Rating: 5.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
The silver bears have the overall near-term technical advantage. Prices are still in a three-month-old downtrend on the daily bar chart. Silver bulls' next upside price objective is closing September futures prices above solid technical resistance at $25.00 an ounce. The next downside price objective for the bears is closing prices below solid support at the August low of $22.295. First resistance is seen at $24.00 and then at $24.38. Next support is seen at $23.42 and then at $23.25. Wyckoff's Market Rating: 3.0.
Gold price up just ahead of Fed Chair Powell's speech - Kitco NEWS
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