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Mild gains for gold as FOMC meeting begins

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Senior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments

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(Kitco News) - Gold prices are modestly up and silver slightly down in near midday Tuesday. The precious metals are not straying too far from unchanged as the Federal Reserve's monetary-policy-setting meeting got under way today. Safe-haven bids amid the Israel-Hamas war and the potential for a wider Middle East conflict are keeping a floor under gold and silver prices at present. December gold was last up $2.30 at $2,007.80. December silver was last down $0.101 at $23.305.

Japan's central bank overnight left its monetary policy unchanged but said it will"patiently continue monetary easing" until the BOJ achieves stable 2% inflation.In other news, reports said the World Gold Council says central bank gold-buying surged to 800 tons in the first nine months of this year and could hit a record in 2023. If the central bankers are indeed the so-called"smart money" in the marketplace, then the retail gold bulls should be feeling pretty good.

Technically, December futures gold bulls have the overall near-term technical advantage. Prices are in a four-week-old uptrend on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at $2,050.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,950.00. First resistance is seen at last week's high of $2,019.70 and then at the July high of $2,028.60.

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