(Kitco News) - Gold and silver prices are solidly higher in early U.S. trading Monday, supported by a pullback in the U.S. dollar index and in U.S. Treasury yields to start the trading week. The main focus on gold and silver traders remains on the daily price direction of the U.S. dollar index. December gold was last up $20.70 at $1,669.70 and December silver was up $0.609 at $18.68.
Global stock markets were mostly firmer overnight. U.S. stock indexes are pointed to higher openings when the New York day session begins. Stock traders continue to focus on corporate earnings reports.
Markets are somewhat calmer to start the trading week as the new U.K. Treasury chief, Chancellor of the Exchequer Jeremy Hunt, affirmed Britain will roll back nearly all of its previously announced tax-cut plans that had been roiling financial markets for three weeks and said some spending will have to be cut.
China’s five-year communist party plenum is under way, with Chinese President Xi Jinping saying his zero-Covid policy will continue and so will a tough line on Taiwan. Xi said his policies of a firm-handed rule at home and a more powerful China abroad will continue.
Meantime, a Wall Street Journal survey of economists finds the group expecting a better than 50-50 chance for a U.S. economic recession in the next year. The survey said odds of a recession in that timeframe are now 63% versus a 49% chance the group saw in a July survey.
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The key outside markets today see the U.S. dollar index lower. Nymex crude oil prices are slightly up and trading around $86.00 a barrel. The U.S. Treasury 10-year note yield is presently fetching 3.966%.
U.S. economic data due for release Monday is light and includes the Empire State manufacturing survey.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, the December gold futures bears have the solid overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at the October high of $1,738.70. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the September low of $1,622.20. First resistance is seen at last Friday’s high of $1,677.80 and then at $1,688.90. First support is seen at last week’s low of $1,645.60 and then at $1,622.20. Wyckoff's Market Rating: 2.0
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
September silver futures bears have the solid overall near-term technical advantage and have momentum. Silver bulls' next upside price objective is closing prices above solid technical resistance at the October high of $21.31. The next downside price objective for the bears is closing prices below solid support at the September low of $17.40. First resistance is seen at last Friday’s high of $19.055 and then at $19.29. Next support is seen at the overnight low of $18.155 and then at $18.00. Wyckoff's Market Rating: 2.0.
