(Kitco News) - Gold prices are just slightly higher in afternoon U.S. trading Thursday. Early gains were mostly taken back as the U.S. dollar index moved well off its daily low and as U.S. Treasury yields rose. December gold was last up $0.50 at $1,634.80 and December silver was up $0.286 at $18.64.
U.S. stock indexes also lost their earlier gains in afternoon trading. Risk appetite is not robust at present, but neither is risk aversion. Traders and investors are trying to determine if the U.S. stock indexes have put in major market bottoms, or have just seen upside price corrections in downtrends that are still in place on the daily bar charts.
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Nymex crude oil prices are firmer and trading around $87.00 a barrel. The U.S. Treasury 10-year note yield is presently fetching 4.22%.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically,gold prices hit a three-week low early on today. The 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 $1,700.00. 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 Wednesday's high of $1,659.50 and then at this week's high of $1,674.30. First support is seen at today's low of $1,626.30 and then at $1,622.20. Wyckoff's Market Rating: 1.5
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
December silver futures prices scored a bullish "outside day" up on the daily bar chart today. The silver bears have the firm 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 September low of $17.40. First resistance is seen at $19.00 and then at $19.29. Next support is seen at today's low of $18.15 and then at $18.00. Wyckoff's Market Rating: 2.5.
December N.Y. copper closed up 1,050 points at 342.35 cents today. Prices closed nearer the session high and hit a three-week low early on today. Prices scored a bullish "outside day" up today. The copper bears 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 369.25 cents. The next downside price objective for the bears is closing prices below solid technical support at the July low of 315.55 cents. First resistance is seen at this week's high of 346.75 and then at 350.00 cents. First support is seen at 335.00 cents and then at today's low of 330.30 cents. Wyckoff's Market Rating: 3.0.
