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(Kitco News) - Gold and silver prices are sharply down and near their daily lows in midday U.S. trading Tuesday. Amid a lack of major, fresh fundamental news so far this week, precious metals traders are focusing on the key outside markets, which on this day are all bearish for the metals. The U.S. dollar index is solidly higher, crude oil prices lower and U.S. Treasury yields are up, with the 10-year note yield rising above 4.0%. December gold was last down $28.00 at $1,981.10 and September silver was down $0.647 at $24.325.
Asian and European stock markets were mixed in low-key overnight trading. U.S. stock indexes are weaker near midday.
Traders are awaiting the U.S. data point of the week on Friday: the U.S. employment situation report for July. The key non-farm payrolls number is expected to come in at up 200,000 jobs, compared to a rise of 209,000 in the June report.
In other news, the World Gold Council said global demand for gold fell 2% in the second quarter, to 921 metric tons, due to higher interest rates and a stronger U.S. economy that has kept the Federal Reserve hawkish this year. However, central bank demand for gold hit a record high in the first half of 2023, at 387 metric tons, said the WGC. If the central banks are indeed the so-called "smart money," then the gold bulls should be assuaged by this news.
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| December gold prices fall more than 1% as gap with spot market narrows |
The key outside markets today see the U.S. dollar index solidly higher and at a three-week high. Meantime, Nymex crude oil prices are weaker and trading around $81.25 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 4.041%.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, December gold futures bulls have lost their slight overall near-term technical advantage. Bulls' next upside price objective is to produce a close above solid resistance at the July high of $2,028.60. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the June low of $1,939.20. First resistance is seen at $2,000.00 and then at this week's high of $2,010.90. First support is seen at $1,975.00 and then at $1,968.00. Wyckoff's Market Rating: 5.0.
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
September silver futures bulls still have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the July high of $25.475. The next downside price objective for the bears is closing prices below solid support at $23.00. First resistance is seen at $24.50 and then at $25.00. Next support is seen at last week's low of $24.18 and then at $24.00. Wyckoff's Market Rating: 6.0.
September N.Y. copper closed down 1,025 points at 390.55 cents today. Prices closed near the session low today and hit a 13-week high early on. Prices also scored a big and bearish "outside day" down today, to suggest the bulls have run out of gas. The copper bulls still have the slight overall near-term technical advantage. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at the April high of 418.25 cents. The next downside price objective for the bears is closing prices below solid technical support at 378.00 cents. First resistance is seen at 396.20 cents and then at 400.00 cents. First support is seen at 385.00 cents and then at 380.00 cents. Wyckoff's Market Rating: 5.5.
