(Kitco News) - Gold and silver prices are a bit weaker in midday U.S. trading Tuesday, on routine downside price corrections and some profit taking from the shorter-term traders. Lower crude oil prices and an uptick in U.S. Treasury yields today are also modestly negative outside-market elements for the precious metals. However, the gold and silver bulls are still solid and can argue the two precious metals are just pausing amid still-bullish technicals, and more price upside is likely coming. December gold was last down $7.80 at $2,547.40 and September silver was down $0.097 at $29.91.
The U.S. stock market traders/investors are awaiting the big event of the week: Nvidia’s earnings on Wednesday. It could be the a big stock market reaction to Nvidia’s results could impact the competing asset class of precious metals.
The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are lower and trading around $76.00 a barrel. The benchmark 10-year U.S. Treasury note is presently fetching 3.85%.
Technically, December gold bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $2,600.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,475.00. First resistance is seen at the overnight high of $2,556.70 and then at this week’s high of $2,563.20. First support is seen at the overnight low of $2,538.50 and then at $2,525.00. Wyckoff's Market Rating: 8.5.
September silver futures bulls have the overall near-term technical advantage as prices are in an uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $31.00. The next downside price objective for the bears is closing prices below solid support at $28.00. First resistance is seen at this week’s high of $30.225 and then at $30.50. Next support is seen at this week’s low of $29.68 and then at $29.335. Wyckoff's Market Rating: 6.5.
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