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Gold price weaker but up from daily lows amid lower USDX

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(Kitco News) - Gold and silver prices are lower in midday trading but well up from their session lows. A lower U.S. dollar index today has helped lift the two metals up from their daily lows. However, profit taking by the shorter-term futures traders, rising U.S. Treasury yields and weaker crude oil prices on this day are price-negatives outweighing the positives. February gold was last down $6.40 at $1,804.30 and March Comex silver was last down $0.266 at $22.855 an ounce.

Global stock markets were mixed overnight. U.S. stock indexes are mixed at midday, and are near their record highs. Lackluster, low-volume trading is featured as the year 2021 winds down. Look for more quiet trading the rest of this week. Trader and investor attitudes are still mostly upbeat heading into year-end, and that’s also bearish for the safe-haven metals.

The key “outside markets” today see Nymex crude oil prices slightly down and trading around $75.65 a barrel. The U.S. dollar index is lower and moved well down from the slight overnight gains today. Meantime, the yield on the U.S. Treasury 10-year note is fetching 1.532%.

Live 24 hours gold chart [Kitco Inc.]

Technically, February gold futures bulls still have the overall near-term technical advantage and are still working on a near-term price uptrend. Bulls’ next upside price objective is to produce a close above solid resistance at $1,840.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,775.00. First resistance is seen at today’s high of $1,808.00 and then at this week’s high of $1,821.60. First support is seen at $1,800.00 and then at today’s low of $1,789.10. Wyckoff's Market Rating: 6.0.

Live 24 hours silver chart [ Kitco Inc. ]

March silver futures bears have the overall near-term technical advantage. However, recent price action suggests a market bottom is in place. Silver bulls' next upside price objective is closing prices above solid technical resistance at $24.00 an ounce. The next downside price objective for the bears is closing prices below solid support at the December low of $21.41. First resistance is seen at today’s high of $23.185 and then at this week’s high of $23.48. Next support is seen at today’s low of $22.60 and then at $22.185. Wyckoff's Market Rating: 3.5.

March N.Y. copper closed down 175 points at 441.55 cents today. Prices closed near mid-range today. The copper bulls have the overall near-term technical advantage as they are working on a near-term price uptrend. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the October high of 477.70 cents. The next downside price objective for the bears is closing prices below solid technical support at 425.00 cents. First resistance is seen at today’s high of 444.80 and then at the November high of 451.15 cents. First support is seen at today’s low of 438.20 cents and then at this week’s low of 434.50 cents. Wyckoff's Market Rating: 6.0.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.