(Kitco News) - Gold and silver prices are weaker in early U.S. trading Tuesday. The safe-haven metals are pressured by an improvement in trader and investor risk appetite on this day, as global stock markets rebounded from a two-session sell off. Negative near-term technicals and lower crude oil prices are also weighing on the precious metals. October gold futures were last down $6.40 at $1,733.80. September Comex silver futures were last down $0.115 at $18.555 an ounce.
Global stock markets were mostly higher overnight. U.S. stock indexes are pointed toward higher openings when the New York day session begins. Risk appetite is a bit improved Tuesday but still not robust. Traders and investors are still concerned about Covid lockdowns in China that are crimping the world’s second-largest economy. The U.S. data point of the day is the consumer confidence index.
The U.S. data point of the week on this unofficial last week of summer is the August U.S. employment situation report from the Labor Department on Friday. The key non-farm payrolls growth number is forecast to come it up 325,000 in August versus the July report showing a gain of 528,000 non-farm jobs.
The key outside markets today see Nymex crude oil prices lower and trading around $95.50 a barrel. The U.S. dollar index is lower in early U.S. trading, on a corrective pullback after hitting a 20-year high on Monday. Meantime, the yield on the 10-year U.S. Treasury note is fetching 3.067%.
U.S. economic data due for release Tuesday includes the weekly Johnson Redbook and chain store retail indexes, the monthly and quarterly house price indexes, the S&P/CoreLogic home price indexes, and the consumer confidence index.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, the October gold futures bears have the solid overall near-term technical advantage. Prices are trending down on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $1,800.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,700.00. First resistance is seen at the overnight high of $1,743.10 and then at $1,750.00. First support is seen at Monday’s low of $1,722.50 and then at $1,715.00. Wyckoff's Market Rating: 2.5.
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
September silver futures bears have the solid overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at $20.00. The next downside price objective for the bears is closing prices below solid support at the July low of $18.01. First resistance is seen at Monday’s high of $18.83 and then at $19.00. Next support is seen at Monday’s low of $18.40 and then at $18.00. Wyckoff's Market Rating: 2.0.
