Credited: Kitco

Risk aversion remains elevated at mid-week, following Iran’s launching of 180 missiles against Israel Tuesday. Israel has vowed retaliation. Reads and Associated Press headline today: “The war is spreading across the Middle East; the question now is: How much can it be contained?” The historically rocky month of October for the stock markets is starting out just as such. This situation will likely keep a price floor under the gold and silver markets for the near term.

The Bank of England today released a study that said a survey of its banks said a record number see geopolitics as top risk, which could cause “sharp corrections” in the stock markets and other markets.

The key outside markets today see the U.S. dollar index moderately higher. Nymex crude oil prices are a bit higher and trading around $70.00 a barrel. Oil prices came well off their highs near midday as reports said OPEC-plus is planning on scaling back its production cuts. A DowJones Newswires report is headlined: “Oil demand concerns to cap price rally in longer term.” The benchmark 10-year U.S. Treasury note yield is on the decline and is presently fetching around 3.75 percent.

Technically, December gold bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $2,800.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,600.00. First resistance is seen at the overnight high of $2,684.50 and then at this week’s high of $2,694.70. First support is seen at Tuesday’s low of $2,653.80 and then at this week’s low of $2,646.20. Wyckoff's Market Rating: 9.0.

December silver futures bulls have the firm overall near-term technical advantage. Prices are in a seven-week-old uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the May high of $33.50. The next downside price objective for the bears is closing prices below solid support at $30.00. First resistance is seen at today’s high of $32.59 and then at the September high of $33.02. Next support is seen at $31.50 and then at this week’s low of $31.155. Wyckoff's Market Rating: 7.0.

At Mercury Gold, we offer a wide range of gold bars and coins for sale in Malaysia to suit your investment needs. As a trusted source for physical gold bullion in Malaysia, we also provide secure and convenient options, including gold savings accounts (Mercury Bullion Savings (MBS) program) which starts at just RM50. Discover the best place to buy gold in Malaysia with Mercury Gold, offering competitive prices and expert guidance on where and when is the best time to buy gold in Malaysia. Explore our platform to buy gold Malaysia online, to enjoy an easy and reliable experience. Invest with confidence and let Mercury Gold be your partner in building your investment goal.

Click here to view more.