(Kitco News) - Gold and silver prices are a bit weaker in early U.S. trading Tuesday, on routine downside price corrections and some profit taking from the shorter-term traders. Weaker crude oil prices and an uptick in U.S. Treasury yields today are also modestly negative outside-market elements for the precious metals. December gold was last down $7.80 at $2,547.40 and September silver was down $0.032 at $29.975.
Asian and European stock indexes were mixed overnight. U.S. stock indexes are pointed to mixed openings when the New York day session begins. The U.S. stock indexes have made solid rebounds from their August lows. The big event of the week in the stock market is Nvidia’s earnings on Wednesday.
The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are weaker and trading around $77.00 a barrel. The benchmark 10-year U.S. Treasury note is presently fetching 3.848%.
U.S. economic data due out Tuesday includes the weekly Johnson-Redbook retail sales report, the monthly house price index, the S&P Core Logic home price indexes, the consumer confidence index, and the Richmond Fed business survey.
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 $2,554.50 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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