(Kitco News) - Gold and silver prices are a bit weaker in midday U.S. holiday-type trading Monday. Prices have traded both sides of unchanged today amid a quieter start to the trading week and as the holiday season begins. Traders are awaiting fresh fundamental inputs for the metals. February gold was last down $1.70 at $1,798.50 and March silver was down $0.113 at $23.225.
Global stock markets were mixed to weaker overnight. U.S. stock indexes are down at midday. Reports say the relaxed Covid restrictions in China have caused a surge in infections in the world’s most populous country. Traders will continue to closely monitor this situation. Some China watchers are saying the Covid infections and deaths situation in China could become very bad in the coming few months.
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| Outlook for 2023: Stock markets will 'easily' drop to 'pre-COVID levels' - Gareth Soloway |
The key outside markets today see the U.S. dollar index slightly weaker. Nymex crude oil prices are up and trading around $75.50 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently around 3.6%.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically,gold bulls still have the overall near-term technical advantage. However, a six-week-old uptrend on the daily bar chart is in some jeopardy. Bulls’ next upside price objective is to produce a close above solid resistance at the December high of $1,836.90. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,750.00. First resistance is seen at today’s high of $1,808.60 and then at $1,820.00. First support is seen at last week’s low of $1,782.00 and then at $1,770.00. Wyckoff's Market Rating: 6.0
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
The silver bulls have the overall near-term technical advantage. Prices are in a choppy 3.5-month-old uptrend on the daily bar chart. Silver bulls' next upside price objective is closing 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 today’s high of $23.625 and then at $24.00. Next support is seen at $23.00 and then at last week’s low of $22.735. Wyckoff's Market Rating: 6.5.
March N.Y. copper closed up 170 points at 377.85 cents today. Prices closed nearer the session low today. The copper bulls have the slight overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at 400.00 cents. The next downside price objective for the bears is closing prices below solid technical support at 354.70 cents. First resistance is seen at 386.75 cents and then at this week’s high of 392.90 cents. First support is seen at last week’s low of 373.30 cents and then at 370.00 cents. Wyckoff's Market Rating: 5.5.
