(Kitco News) - Gold prices are near steady and silver prices lower near midday. Profit taking is featured today after gold earlier in the day hit new contract/record highs. Silver prices are lower, also on profit taking after hitting a 14-year high on Monday. Bullish fundamentals and bullish technical charts are likely to continue to fuel the bull market runs in both precious metals. December gold was last up $1.80 at $3,679.00. December silver prices were down $0.517 at $41.385.
The key outside markets today see the U.S. dollar index firmer, while crude oil futures are higher and trading around $63.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently around 4.1%.
Technically, December gold futures bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,750.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $3,550.00. First resistance is seen at $3,700.00 and then at today’s contract high of $3,715.20. First support is seen at today’s low of $3,665.30 and then at $3,650.00. Wyckoff's Market Rating: 8.5.
December silver futures bulls have the solid overall near-term technical advantage. A bull flag pattern has formed on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $45.00. The next downside price objective for the bears is closing prices below solid support at $38.00. First resistance is seen at this week’s high of $42.355 and then at $43.00. Next support is seen at this week’s low of $41.08 and then at last week’s low of $40.555. Wyckoff's Market Rating: 8.5.
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