(Kitco News) - Gold prices are slightly lower in midday U.S. trading Monday. Silver prices are modestly up. The precious metals market bulls remain constrained by a still-strong U.S. dollar index despite today's mild losses in the index. Rising government bond yields are also negative for the precious metals. Lower crude oil prices to start the trading week are also bearish for the metals. December gold was last down $2.00 at $1,654.30 and December silver was up $0.134 at $19.20.
U.S. stock indexes are higher at midday and extended Friday's solid gains. There are now some early chart clues the U.S. stock indexes have put in market bottoms, and that's also weighing on the safe-haven metals. The stock market gains come following a Wall Street Journal report Friday that suggested the Federal Reserve will slow down the pace of its monetary policy tightening after its November meeting, at which the Fed is expected to raise the Fed funds rate another 0.75%. Stock and financial market bulls are hoping that's the "Fed pivot" they have been awaiting. There has been scattered talk in the marketplace that certain sectors of financial markets have become strained and much less liquid due to central banks aggressively tightening their monetary policies. It will be another busy week for corporate earnings reports this week.
Asian stock markets sold off as China's President Xi Jinping tightened his grip on the world's second-largest economy, following China's major communist party meeting. It's likely Xi will continue China's "zero Covid" policy, which has constrained China's economy.
The key outside markets today see the U.S. dollar index slightly down. Nymex crude oil prices are lower and trading around $84.00 a barrel. The 10-year U.S. Treasury note is presently yielding around 4.2%.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, 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 $1,600.00. First resistance is seen at today's high of $1,675.50 and then at $1,685.00. First support is seen at today's low of $1,648.00 and then at $1,635.00. Wyckoff's Market Rating: 1.5.
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
The silver bears have the firm 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 the October high of $21.31. The next downside price objective for the bears is closing prices below solid support at $17.40. First resistance is seen at today's high of $19.675 and then at $20.00. Next support is seen at $19.00 and then at $18.50. Wyckoff's Market Rating: 3.0.
December N.Y. copper closed down 420 points at 343.25 cents today. Prices closed near the session low 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 today's high of 350.45 and then at the October high of 359.30 cents. First support is seen at last week's low of 330.30 cents and then at the October low of 324.30 cents. Wyckoff's Market Rating: 3.0.
