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Gold weaker amid little risk aversion in marketplace

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(Kitco News) - Gold and silver prices are modestly down in midday U.S. trading Monday. The safe-haven metals are seeing buying interest squelched by higher global equity markets to start the trading week. The U.S. stock indexes are trading very close to their yearly and all-time highs. December gold futures were last down $4.90 an ounce at 1,489.20. December Comex silver prices were last up $0.027 at $17.605 an ounce.

Trader and investor attitudes worldwide remain generally upbeat to start the trading week. The U.S.-China trade negotiations appear to be going well, including implementing the “Phase 1” agreement reached between the world’s two largest economies recently.

The Brexit situation continues to languish after a hoped-for weekend deal between the U.K. and the European Union fell through. The British Parliament moved to again delay by three months a vote to seal the Brexit deal. U.K. Prime Minister Boris Johnson is not happy about the situation.

A heavy slate of U.S. corporate earnings reports this week will be the focus of U.S. stock market traders.

Nymex crude oil prices are lower in midday U.S. trading today and trading around $53.00 a barrel. The U.S. dollar index is near steady at midday after hitting a nine-week low overnight.

There was no major U.S. economic data released Monday.

Live 24 hours gold chart [Kitco Inc.]

Technically, December gold futures prices were nearer the session low at midday today. The bulls have the overall near-term technical advantage but a six-week-old downtrend is still in place on the daily bar chart. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,525.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at the October low of $1,465.00. First resistance is seen at $1,500.00 and then at last week’s high of $1,503.00. First support is seen at today’s low of $1,486.50 and then at last week’s low of $1,478.00. Wyckoff's Market Rating: 6.0

Live 24 hours silver chart [ Kitco Inc. ]

December silver futures prices were nearer the session low at midday today. The silver bulls have the overall near-term technical advantage. However, a five-week-old downtrend is still in place on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at $18.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at the October low of $16.94. First resistance is seen at today’s high of $17.895 and then at $18.00. Next support is seen at $17.33 and then at last week’s low of $17.18. Wyckoff's Market Rating: 6.0.

December N.Y. copper closed up 115 points at 264.75 cents today. Prices closed near mid-range and hit a five-week high today. The copper bears still have the overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the September high of 270.65 cents. The next downside price objective for the bears is closing prices below solid technical support at the September low of 248.20 cents. First resistance is seen at today’s high of 266.00 cents and then at 270.00 cents. First support is seen at 262.50 cents and then at 260.00 cents. Wyckoff's Market Rating: 4.0.

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