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(Kitco News) - Gold and silver prices are weaker in early U.S. trading Monday. The precious metals are seeing selling interest as the U.S. dollar index is higher and U.S. Treasury yields are rising to start the trading week. December gold was last down $5.60 at $1,970.50 and September silver was down $0.206 at $23.51.
Asian and European stock markets were mixed in overnight trading. U.S. stock indexes are pointed to slightly higher openings when the New York day session begins.
Key U.S. and China inflation reports this week will be the major data points for the marketplace. Traders will also be closely watching the U.S. Treasury market this week, as prices have been dropping (yields rising).
The key outside markets today see the U.S. dollar index higher. Nymex crude oil prices are lower and trading around $82.00 a barrel. Meantime, the benchmark 10-year U.S. Treasury note yield is presently fetching 4.119%.
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| CPI could be a make-or-break moment for gold next week as prices look for direction |
U.S. economic data due for release Monday includes the employment trends index and consumer credit.
![Live 24 hours gold chart [Kitco Inc.]](/images/live/gold.gif?0.2924175530478188){kind=small}
Technically, the gold futures bulls and bears are on a level overall near-term technical playing field. Bulls’ next upside price objective is to produce a close in December futures 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 Friday’s high of $1,984.20 and then at $1,992.20. First support is seen at last week’s low of $1,954.50 and then at $1,950.00. Wyckoff's Market Rating: 5.0
![Live 24 hours silver chart [ Kitco Inc. ]](/images/live/silver.gif)
The silver bulls and bears are also on a level overall near-term technical playing field. Prices are starting to trend lower on the daily bar chart. Silver bulls' next upside price objective is closing September futures 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 the June low of $22.34. First resistance is seen at $24.00 and then at $24.50. Next support is seen at the last week’s low of $23.275 and then at $23.30. Wyckoff's Market Rating: 5.0.
