Jim Wyckoff - Daily Gold Market Updates

Dutch central bank moves gold out of U.S. The central bank of the Netherlands has moved more than 78 tons of gold from New York to London, the Financial Times reports. The central bank cited “increasing geopolitical unrest.” The FT said the transfer follows calls from European politicians and taxpayer lobbyists to repatriate gold reserves from the U.S. due to fears the U.S. government under President Trump may otherwise seize them amid rising transatlantic tensions. The move comes after France removed all its gold from the New York Federal Reserve between July 2025 and January 2026, the report noted.

Trump says new military action against Iran will be short-lived. President Trump Wednesday afternoon said renewed attacks on Iran would likely be short-lived, reiterating his claim that the U.S. controls the Strait of Hormuz. The U.S. military carried out a second round of strikes on Iran at mid-week, targeting radar systems and mine-laying capabilities, and Iran retaliated with drone and missile volleys on U.S. bases. “We took out all of the new equipment that they tried to build along the Strait of Hormuz — some defensive, some offensive,” Trump said of the earlier strikes and as reported by Bloomberg. “It was a very heavy attack last night, and we’re prepared to do another one any time we want.” There are still signals the conflict could be prolonged for months. The U.S. is extending troop deployments in the Middle East to maintain its presence of 50,000 personnel and give Trump flexibility on military options, the Wall Street Journal reported, citing people familiar with the matter.

Financial marketplace eyeballing Japanese yen, possible intervention. The Japanese yen jumped sharply today, for a second day, reversing a month of gradual decline, as traders lifted bets on Japanese interest-rate hikes and were on high alert to the risk of authorities wading back into the market to boost the currency. “The about-turn in sentiment comes as investors focus on factors that may bolster the beleaguered currency, after weeks of questioning the long-term effectiveness of intervention by Japan and the U.S. to support it. News from the nation’s biggest pension fund is also fueling renewed speculation of more positive fund flows,” said a Bloomberg report. The yen advanced as much as 1.5% to 156.36 per dollar today, on track for its best day since Tokyo and Washington entered the market to prop up the currency just over a month ago. In London trading the yen briefly trimmed some of its gains following a Bloomberg report that the Bank of Japan is leaning toward a quarter-point rate rise this month, which cooled rising speculation of a bigger hike.

Technically, December gold futures bulls’ next upside price objective is to produce a close above solid resistance at the August high of $4,755.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the June low of $4,015.60. First resistance is seen at $4,500.00 and then at $4,550.00. First support is seen at the overnight low of $4,426.70 and then at $4,400.00. Wyckoff's Market Rating: 4.5

December silver futures bulls see their next upside price objective is closing prices above solid technical resistance at the August high of 72.05. The next downside price objective for the bears is closing prices below solid support at $60.00. First resistance is seen at $67.00 and then at this week’s high of $68.18. Next support is seen at $65.00 and then at this week’s low of $63.88. Wyckoff's Market Rating: 5.0