(Kitco News) - Gold prices are close to unchanged in early U.S. trading Thursday, while silver prices are lower. The metals market traders are awaiting a batch of U.S. economic data today, including the latest revision of third-quarter GDP and its inflation components. Trading activity may wane quickly today, ahead of the Christmas holiday weekend and as a major storm bears down on the eastern U.S. February gold was last down $0.70 at $1,824.70 and March silver was down $0.264 at $23.935.
Global stock markets were mixed overnight. U.S. stock indexes are pointed toward weaker openings when the New York day session begins. Trading volumes are likely to wane just ahead of the Christmas holiday over the weekend and as a massive winter storm pounds much of the U.S. and is heading for the east coast.
Rising Covid infections in China have the marketplace pensive late this week. Bloomberg reported China is experiencing 1 million new infections and 5,000 virus deaths each day, following the Chinese government’s relaxation of Covid restrictions.
The key outside markets today see the U.S. dollar index near steady. Nymex crude oil prices are up and trading around $79.50 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently 3.651%.
U.S. economic data due for release Thursday includes the weekly jobless claims report, the third estimate of third-quarter gross domestic product, the Chicago Fed national activity index, leading economic indicators and the Kansas City Fed manufacturing survey.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, the gold futures bulls have the firm overall near-term technical advantage. Prices are in a six-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 $1,900.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,775.00. First resistance is seen at this week’s high of $1,833.80 and then at the December high of $1,836.90. First support is seen at $1,820.00 and then at $1,800.00. Wyckoff's Market Rating: 7.0
![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 today’s high of $24.315 and then at this week’s high of $24.525. Next support is seen at $23.50 and then at $23.00. Wyckoff's Market Rating: 7.0.
