(Kitco News) - Gold and silver prices are modestly up and near their daily highs in subdued midday U.S. trading Tuesday just ahead of the Christmas holiday Wednesday. Many U.S. markets closed early today. Some mild bargain hunting was featured in both metals today. However, an appreciating U.S. dollar on the foreign exchange market and rising U.S. Treasury yields recently have limited buying interest in gold and silver markets. February gold was last up $6.70 at $2,634.80 and March silver was up $0.096 at $30.285.
U.S. stock indexes are solidly higher at midday. The S&P 500 is on track for a 25% gain in 2024, with the top seven biggest technology stocks accounting for more than half of the stock index annual gains.
The key outside markets today see the U.S. dollar index firmer. Nymex crude oil futures prices are up and trading around $70.20 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.5%.
Technically, February 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 above solid resistance at $2,700.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the November low of $2,565.00. First resistance is seen at Monday’s high of $2,646.80 and then at last Friday’s high of $2,653.80. First support is seen at $2,615.00 and then at $2,600.00. Wyckoff's Market Rating: 5.0.
March silver futures bears have the overall near-term technical advantage. A two-month-old downtrend is in place 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 the August low of $27.39. First resistance is seen at $30.50 and then at $31.00. Next support is seen at $30.00 and then at $29.50. Wyckoff's Market Rating: 3.5.
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