(Kitco News) - Gold and silver prices are just a bit firmer in early U.S. trading Monday, amid a quieter start to the trading week and the beginning of the holiday season. The key “outside markets” are in a mildly friendly posture for the metals markets today, as the U.S. dollar index is weaker and crude oil prices are firmer. February gold was last up $1.90 at $1,802.00 and March silver was up $0.057 at $23.38.
Global stock markets were mixed to weaker overnight. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. 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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| Hawkish central banks will test gold bulls' resolve into year-end |
The key outside markets today see the U.S. dollar index weaker. Nymex crude oil prices are slightly up and trading around $74.50 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently 3.522%.
U.S. economic data due for release Monday is light and includes the NAHB housing market index.
![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 but have faded. Prices are still in a six-week-old uptrend on the daily bar chart—but just barely. Bulls’ next upside price objective is to produce a close in February futures 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 $1,790.00 and then at last week’s low of $1,782.00. 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. 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 today’s high of $23.625 and then at $24.00. Next support is seen at today’s low of $23.24 and then at $23.00. Wyckoff's Market Rating: 6.5.
