(Kitco News) - Gold prices were ending the U.S. day session higher and hit a 12-month high Thursday. The yellow metal was supported by a rapidly wilting U.S. dollar against the major currencies. The U.S. dollar index dropped to a 2.5-year low today. Bullish charts continue to invite technically based buying in both the gold and silver markets. December Comex gold was last up $10.40 an ounce at $1,349.40. December Comex silver prices hit a four-month high today and were last up $0.19 at $18.10 an ounce.
A sharp rise in weekly U.S. jobless claims, reported today, also gave upside momentum to the precious metals market bulls. The weekly report falls squarely into the camp of the U.S. monetary policy doves, who do not want to see a Fed rate hike any time soon.
A major economic data point of the week was today’s European Central Bank monetary policy meeting, including a press conference from ECB President Mario Draghi. The ECB did not make any changes in interest rates or monetary policy. No changes were expected by the marketplace.
Draghi did make some dovish comments that the present ECB monetary policy will be in effect until at least December, and maybe beyond that. However, other remarks by Draghi were perceived to suggest the ECB will start to tighten monetary policy in January. The Euro currency hit a more than 2.5-year high after the ECB meeting and Draghi’s comments.
Sellers in the gold and silver markets remain very timid late this week. While no new developments have occurred the past couple days regarding the U.S.-North Korea stand-off, it’s only a matter of time before a flare-up is likely to occur. Such notions will continue to support buying interest in the safe-haven gold market.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically, December gold futures prices closed nearer the session high today. The gold bulls have the solid overall near-term technical advantage. Prices are in a steep two-month-old uptrend on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,378.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,307.00. First resistance is seen at today’s high of $1,355.50 and then at $1,360.00. First support is seen at today’s low of $1,337.20 and then at this week’s low of $1,331.10. Wyckoff's Market Rating: 8.0
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
December silver futures prices closed nearer the session high and hit a four-month high today. The silver bulls have the firm overall near-term technical advantage. Prices are in a two-month-old uptrend on the daily bar chart. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $19.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $17.25. First resistance is seen at today’s high of $18.215 and then at $18.50. Next support is seen at this week’s low of $17.835 and then at $17.50. Wyckoff's Market Rating: 7.0.
December N.Y. copper closed down 95 points at 314.20 cents today. Prices closed nearer the session high today. The copper bulls have the solid overall near-term technical advantage. Prices are in a four-month-old uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 325.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 300.00 cents. First resistance is seen at today’s high of 316.00 cents and then at this week’s high of 317.85 cents. First support is seen at today’s low of 311.15 cents and then at 310.00 cents. Wyckoff's Market Rating: 8.0.
