(Kitco News) - Gold and silver prices are down in early U.S. trading Friday. Rising U.S. Treasury yields are a bearish outside-market element for the two precious metals to end a holiday-shortened trading week. February gold was last down $15.80 at $2,638.10 and March silver was down $0.424 at $29.965.
Asian and European stock indexes were mixed but mostly firmer overnight. U.S. stock indexes are pointed toward lower openings when the New York day session begins. Look for another quieter trading session today, amid the holiday season.
In overnight news, the Japanese finance minister said the government will take appropriate steps against excessive movements in the yen. The Bank of Japan signaled an interest-rate increase next month remains on the table.
Meantime, South Korea’s currency, the won, led declines among emerging-market currencies after the South Korean parliament impeached acting President Han Duck-soo.
The key outside markets today see the U.S. dollar index weaker. Nymex crude oil futures prices are modestly up and trading around $70.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is on the rise and is presently at 4.611%.
U.S. economic data due for release Friday includes advance economic indicators and the weekly DOE liquid energy stocks report.
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 $2,650.00 and then at this week’s high of $2,655.70. First support is seen at this week’s low of $2,623.20 and then at $2,615.00. 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 this week’s high of $30.485 and then at $31.00. Next support is seen at $29.50 and then at $29.145. Wyckoff's Market Rating: 3.5.
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