Wednesday, October 18–Jim Wyckoff’s Morning Markets Report
World stock markets were mostly firmer overnight, but in quieter trading. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. The U.S. stock indexes are at record highs this week. Hopes for tax cuts in the U.S. are helping to lift the U.S. stock market.
Gold prices are weaker again in pre-U.S.-day-session trading. The bears have gained some downside technical momentum this week. A higher U.S. dollar index this week is also working against the gold and silver bulls.
The geopolitical scene has been quieter the past couple weeks and that’s allowed world trader/investor risk appetite to uptick, which is bullish for the stock markets and bearish for safe-haven gold.