(Kitco News) - Gold and silver prices are modestly higher in subdued midday trading Tuesday. Some slight safe-haven demand is featured as the marketplace anxiously awaits the results of the U.S. presidential election that has been deemed a near dead-heat. December gold was last up $4.00 at $2,750.20 and December silver was up $0.181 at $32.79.
The general marketplace is pensive early this week. The final outcome of the U.S. presidential vote may, or may not, take days to determine. Trading in many markets could be volatile the rest of this week as the U.S. election results shake out. A DowJones Newswire story today said gold prices stand to benefit no matter which candidate wins.
Also on tap this week is the FOMC meeting of the Federal Reserve. The meeting starts Wednesday morning and ends Thursday afternoon with the FOMC statement and press conference from Fed Chair Powell. Most believe the Fed will cut its main interest rate by 0.25%, especially after a weaker U.S. employment report released last Friday.
The key outside markets today see the U.S. dollar index weaker. Nymex crude oil futures prices are higher and trading around $72.5 a barrel. The benchmark 10-year U.S. Treasury note yield is presently fetching 4.355%.
Technically, December gold bulls have the solid overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $2,900.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,675.00. First resistance is seen at today’s high of $2,759.50 and then at last Friday’s high of $2,772.40. First support is seen at today’s low of $2,733.40 and then at $2,722.10. Wyckoff's Market Rating: 8.5.
December silver futures bulls have the overall near-term technical advantage but have faded a bit. A three-month-old uptrend on the daily bar chart is now in some jeopardy. Silver bulls' next upside price objective is closing prices above solid technical resistance at the October high of $35.07. The next downside price objective for the bears is closing prices below solid support at $31.00. First resistance is seen at today’s high of $33.055 and then at $33.50. Next support is seen at the overnight low of $32.355 and then at $32.00. Wyckoff's Market Rating: 7.0.
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