Gold pushes back above $1,800 on ideas inflation to continue rising

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(Kitco News) - Gold and silver prices arehigher in midday U.S. trading Monday, with the yellow metal pushing back abovethe psychologically important $1,800.00 level and as silver closes in on $25.00.The metals markets are boosted by increasing worries about rising priceinflation. More and more economists and veteran market watchers are predictingthe bout of rising global inflation is something more than just a transitoryevent. December gold futures were last up $13.20 at $1,809.40. December Comexsilver was last up $0.166 at $24.615 an ounce.

Globalstock markets were mixed in overnight trading. The U.S. stock indexes are firmerin midday U.S. trading. It's another big week for U.S. corporate earnings,which have generally been very positive and are helping push the indexessolidly higher from their early October lows. For the moment the upbeatearnings reports are overshadowing worries about "stagflation," which meansrising prices and stagnant global economic growth. The mainstream media hasrecently highlighted the shipping bottlenecks, especially on the U.S. west coast.

Newsreports over the weekend said the Biden Administration may be getting closer tohaving the Senate votes for a pared down government spending plan.

Thekey outside markets today see the U.S. dollar index firmer. Crude oil pricesare higher and trading around $84.00 a barrel after hitting a seven-year highovernight. Don't be surprised if continually rising energy prices heading intothe Northern Hemisphere winter start to sap trader and investor sentiment.Meantime, the 10-year U.S. Treasury note yield is presently fetching 1.656%.

Technically,December gold futures bulls have the overall near-term technical advantage amida four-week-old price uptrend in place on the daily bar chart. Bulls' nextupside price objective is to produce a close above solid resistance at theSeptember high of $1,836.90. Bears' next near-term downside price objective ispushing futures prices below solid technical support at $1,750.00. Firstresistance is seen at last week's high of $1,815.50 and then at $1,825.00.First support is seen at $1,800.00 and then at today's low of $1,793.00.Wyckoff's Market Rating: 6.5

December silver futures bulls have the overall near-termtechnical advantage. Prices are in a four-week-old uptrend on the daily chart.Silver bulls' next upside price objective is closing prices above solidtechnical resistance at $25.00 an ounce. The next downside price objective forthe bears is closing prices below solid support at $23.00. First resistance isseen at today's high of $24.695 and then at the September high of $24.945. Nextsupport is seen at $24.185 and then at $24.00. Wyckoff's Market Rating: 6.5.

DecemberN.Y. copper closed up 410 points at 453.90 cents today. Prices closed nearmid-range. The copper bulls have the overall near-term technical advantage buthave faded recently. Prices are still in a four-week-old uptrend on the dailybar chart. Copper bulls' next upside price objective is pushing and closingprices above solid technical resistance at the October high of 482.30 cents.The next downside price objective for the bears is closing prices below solidtechnical support at 430.00 cents. First resistance is seen at 460.00 cents andthen at 465.00 cents. First support is seen at today's low of 450.15 cents andthen at last week's low of 446.10 cents. Wyckoff's Market Rating: 6.5.

By Jim Wyckoff

For Kitco News

Follow @jimwyckoffjwyckoff@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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