(Kitco News) - Gold and silver prices are up a bit in early U.S. trading Friday. Market action is quieter to end the trading week. Gains in the two precious metals are being limited today by the late-week surge in the U.S. dollar index and by rising U.S. Treasury yields to end the week. December gold was last up $2.40 at $3,680.50. December silver prices were up $0.207 at $42.325.
Global stocks were mixed to weaker overnight. U.S. stock indexes are pointed to near steady openings and record highs when the New York day session begins.
Today’s expected phone call between President Trump and Chinese President Xi Jinping may determine the fate of TikTok and potentially ease trade tensions between the two countries.
Trump and Xi are due to discuss a framework agreement to shift control of TikTok's U.S. operations from its Chinese parent ByteDance Ltd. to a consortium of American investors. The phone call may also lead to a potential in-person summit meeting between the two leaders and a broader agenda including discussions of geopolitical issues and trade talks.
The leaders of Canada and Mexico said at a press conference in Mexico they are committed to close coordination ahead of next year’s review of their trade pact with the U.S. as President Trump’s tariff threats put the current accord at risk. Canadian Prime Minister Mark Carney and Mexican counterpart Claudia Sheinbaum announced "the new Canada-Mexico Action Plan" to grow bilateral trade in infrastructure, energy and agriculture. Carney and Sheinbaum pledged to "move forward together" and emphasized the value of the USMCA’s three-party strength, with Carney saying "North America is the economic envy of the world" due to cooperation between Canada, Mexico, and the U.S.
The key outside markets today see the U.S. dollar index higher, while crude oil prices are slightly down and trading around $63.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.13%.
There is no major U.S. economic data due for release Friday.
Technically, December gold futures bulls have the solid overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,800.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $3,600.00. First resistance is seen at Thursday’s high of $3,707.30 and then at this week’s high of $3,744.00. First support is seen at this week’s low of $3,660.50 and then at $3,650.00. Wyckoff's Market Rating: 8.0.
December silver futures bulls have the solid overall near-term technical advantage. 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 $40.00. First resistance is seen at the overnight high of $42.685 and then at $43.00. Next support is seen at $42.00 and then at this week’s low of $41.48. Wyckoff's Market Rating: 8.0.
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