(Kitco News) - Gold prices are modestly higher and silver slightly lower in early U.S. trading Tuesday. On this last trading day of the month, of the quarter and of the year, position evening is featured in many markets, including precious metals. Traders and investors are also awaiting a fresh fundamental spark to drive the markets. Look for another quieter trading week, with the New Year holiday coming on Wednesday, when most markets worldwide are closed. February gold was last up $6.70 at $2,624.80 and March silver was down $0.062 at $29.35.
Asian and European stock indexes were mixed overnight. U.S. stock indexes are pointed toward firmer openings when the New York day session begins. Look for thin trading conditions today, ahead of the New Year holiday on Wednesday, when many global markets are closed.
China’s services sector expanded at the fastest pace in nine months in November and the manufacturing sector grew for a third straight month, suggesting China’s economic stimulus may be working. The country’s gross domestic product is expected to expand around 5% for the full year of 2024, President Xi Jinping said, according to Bloomberg.
In other news, Chinese actors have hacked the U.S. Treasury Department in a serious cyber security breach, said the U.S. Treasury.
The key outside markets today see the U.S. dollar index a bit weaker. Nymex crude oil futures prices are firmer and trading around $71.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is on the rise and is presently at 4.519%.
U.S. economic data due for release Tuesday includes the weekly Johnson Redbook retail sales report, the monthly house price index and the S&P Core Logic home price indexes.
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 this week’s high of $2,640.70 and then at $2,650.00. First support is seen at this week’s low of $2,608.40 and then at $2,600.00. Wyckoff's Market Rating: 5.0.
March silver futures bears have the overall near-term technical advantage. A nine-week-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 $30.00 and then at last week’s high of $30.485. Next support is seen at the December low of $29.145 and then at $29.00. Wyckoff's Market Rating: 3.0.
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