(Kitco News) - Gold and silver prices are lower in early U.S. trading Monday. Routine corrective pullbacks are featured to start the trading week, following recent good price gains for both metals. The shorter-term futures traders are taking profits from the recent gains. February gold was last down $10.50 at $1,800.50 and March silver was down $0.132 at $23.59.
Global stock markets were mostly lower overnight. U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins.
Major central banks will this week complete the most aggressive year for interest-rate hikes in four decades with their fight against inflation still not over even as their economies slow. The Federal Reserve's Open Market Committee (FOMC) meeting begins Tuesday morning and ends Wednesday afternoon with a statement and press conference from Fed Chair Powell. The FOMC is mostly likely to raise U.S. interest rates by 0.5%. Then, the European Central Bank and the Bank of England meet on Thursday and are likely to follow the U.S. Federal Reserve with half-point rate hikes.
Another major U.S. data point this week will be the consumer price index report for November, out on Tuesday morning. CPI is seen coming in up 7.3%, year-on-year.
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| Sentiment in gold evenly split as prices end the week at a four-month high |
A couple of interesting news headlines were on the wires this morning. One from the Wall Street Journal reads, "Markets show more confidence in soft landing." And a Barron's headline says, "Bitcoin is in for a big week; traders now see $8,500 as more likely than $34,000."
The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are modestly lower trading around $70.50 a barrel. Prices last Friday hit an 11-month low. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently 3.523%.
U.S. economic data due for release Monday is light and includes the monthly Treasury budget statement.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, the gold futures bulls have the overall near-term technical advantage. Prices are in a five-week-old uptrend on the daily bar chart. Bulls' next upside price objective is to produce a close in February futures above solid resistance at the August high of $1,836.70. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,750.00. First resistance is seen at the overnight high of $1,809.30 and then at Friday's high of $1,819.00. First support is seen at the overnight low of $1,796.40 and then at 1,790.00. Wyckoff's Market Rating: 6.5
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
The silver bulls have the firm overall near-term technical advantage. A choppy, three-month-old uptrend is in place on the daily bar chart. Silver bulls' next upside price objective is closing March futures prices above solid technical resistance at $25.00. The next downside price objective for the bears is closing prices below solid support at $22.00. First resistance is seen at last week's high of $23.90 and then at $24.00. Next support is seen at the overnight low of $23.435 and then at $23.00. Wyckoff's Market Rating: 7.0.
