Gold Rises, Silver Falls, Market Faces Biggest Test of 2024

Here is the translation of the provided text into English: **On Wednesday, during the early morning trading session in the United States, gold prices rose moderately while silver prices fell slightly.

Today could be one of the most active trading days in quite some time as the much-anticipated U.S. central bank meeting is set to conclude.

December gold rose by $10.60 to $2,603.00, and December silver fell by $0.034 to $30.945.

Trading today is likely to be volatile.

The Federal Open Market Committee (FOMC) meeting, which began on Tuesday, will end today with a statement, a press conference by Federal Reserve Chairman Jerome Powell, and the Fed's "dot plot."

Market sentiment is slightly leaning towards a 0.5% rate cut, after previously expecting a 0.25% cut as the most likely scenario.

This would be the first rate cut by the Federal Reserve in 4.5 years.

The uncertainty surrounding the Fed's expected rate hike magnitude is rare.

Therefore, volatility in many markets may be high after the Fed releases its statement at 2:00 PM Eastern Time.

The Bank of England and the Bank of Japan hold their regular monetary policy meetings on Thursday.

Asian and European stock markets saw mixed results overnight.

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At the New York open, U.S. stock indices opened slightly higher.

In other news, tensions in the Middle East escalated mid-week when thousands of pagers used by Hezbollah militants, including an Iranian official, exploded simultaneously.

Reports indicate that 2,750 people were injured and at least 9 were killed.

Israel is widely blamed for this meticulously planned operation, which could provoke a military response from Hezbollah.

Today, the main external markets see a slight weakening of the U.S. Dollar Index.

Crude oil prices on the New York Mercantile Exchange are lower, trading around $70.25 per barrel.

The benchmark 10-year U.S. Treasury bond yield is falling, currently at 3.65%.

Other U.S. economic data released on Wednesday includes the weekly MBA mortgage application survey, new residential construction, and the weekly U.S. Department of Energy's flow of energy stocks report.

** **Technical Analysis for Gold and Silver: Technically, December gold bulls have a strong overall technical advantage in the short term.

The next upside price objective for the bulls is to close above the solid resistance level at $2,700.00.

The next downside price objective for the bears is to push futures prices below the solid technical support level at $2,500.00.

First resistance is at the all-time high of $2,617.40, then at $2,625.00.

The first support is this week's low at $2,587.30, then at $2,570.40.

Our market rating: 9.0.

December silver futures bulls have a strong overall technical advantage in the short term.

The next upside price objective for the silver bulls is to close above the solid technical resistance level at the July high of $32.46.

The next downside price objective for the bears is to close below the solid support level at $29.00.

First resistance comes in at this week's high of $31.46, then at $32.00.

The next support is expected at $30.67, then at $30.00.

Our market rating: 6.5.

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