Federal Reserve Symposium in Jackson Hole, Wyoming
Gold and silver prices are steady to slightly lower in quieter midday U.S. trading Thursday ahead of the annual Federal Reserve symposium held in Jackson Hole, Wyoming. The meeting, set to begin Thursday evening, is anticipated to provide market-sensitive news from world central bankers, including Fed Chair Jerome Powell. Investors are eagerly awaiting Powell’s speech on Friday morning.
Market Reaction to Nvidia’s Earnings
U.S. stock indexes are lower at midday despite positive earnings and guidance reports from chipmaker Nvidia. The CEO of deVere Group, Nigel Green, emphasizes the importance of artificial intelligence (AI) in today’s investment landscape. Green believes that investors should have exposure to AI, not just through Nvidia, but across various industries.
BRICS Meeting Draws Attention
The BRICS (Brazil, Russia, India, China, and South Africa) meeting is being closely watched by the marketplace. China President Xi Jinping’s absence from a scheduled speech has sparked speculation about an economic matter that required his attention. The outcome of the BRICS meeting could have implications for global markets.
Market Outlook
The U.S. dollar index is solidly higher, while crude oil futures prices are slightly up. The benchmark U.S. Treasury 10-year note is currently yielding 4.227%. Technical analysis suggests that gold futures bears still maintain the overall near-term advantage, but a four-week-old downtrend has been neutralized. The next key resistance for gold is at $1,980.00, while support is seen at $1,900.00. Silver futures bulls have the advantage, with prices showing signs of an upward trend. The next target for silver bulls is to close above the July high of $25.475, while support is at the August low of $22.265. Copper prices closed lower, with the overall advantage held by the bears.
