(Kitco News) - Gold prices are modestly lower in early U.S. trading Tuesday, once again pressured by a stronger U.S. dollar on the foreign exchange market. The main fixation of gold and silver traders remains the daily price direction of the U.S. dollar index. December gold was last down $5.60 at $1,658.30 and December silver was up $0.001 at $18.72.
Global stock markets were mostly firmer overnight. U.S. stock indexes are pointed to higher openings when the New York day session begins. Risk appetite is keener early this week, due in part to news the new U.K. 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. Stock traders continue to focus on corporate earnings reports, with the companies’ results so far beating expectations despite recession fears.
The key outside markets today see the U.S. dollar index firmer. Nymex crude oil prices are near steady and trading around $85.50 a barrel. The U.S. Treasury 10-year note yield is presently fetching 4.027. Rising bond yields recently are also bearish for gold and silver.
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U.S. economic data due for release Tuesday includes the weekly Johnson Redbook and chain store sales indexes, industrial production and capacity utilization, the NAHB housing index and Treasury international capital data.
![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 this week’s high of $1,674.30 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 this week’s low of $18.155 and then at $18.00. Wyckoff's Market Rating: 2.0.
