Gold, silver down slightly in quieter markets day
(Kitco News) - Gold and silver prices areslightly down in lackluster midday U.S. trading Monday. It's a quieter start tothe trading week and the metals market traders are awaiting new fundamentalinformation to help drive the markets. December gold futures were last down $2.50at $1,765.70. December Comex silver was last down $0.069 at $23.28 an ounce.
Globalstock markets were mostly lower in overnight trading. The U.S. stock indexes aremixed at midday. Risk aversion is just a bit keener to start the trading week,amid rising energy costs and increasing worries about stagflation. Nymex crudeoil prices hit a seven-year high of $83.87 a barrel overnight. China'sthird-quarter gross domestic product growth slowed to 4.9%, year-on-year, lowerthan expectations and the slowest pace of growth in a year, hurt by powershortages and supply chain bottlenecks. China's GDP rose 7.9% in the secondquarter. Meantime, the governor of the Bank of England said Sunday the BOE willhave to act to curb inflationary pressure. He said inflation in the U.K. hadalready risen and would rise further, to warrant action.
Theother key outside market today sees the U.S. dollar index slightly down.Meantime, the 10-year U.S. Treasury note yield is presently fetching1.609%.
![Live 24 hours gold chart [Kitco Inc.]](https://www.kitco.com/images/live/gold.gif?0.2924175530478188){kind=small}
Technically,December gold futures bulls have the slight overall near-term technicaladvantage amid a price uptrend barely in place on the daily bar chart. Bullsneed to show fresh power soon to keep it alive. Bulls' next upside priceobjective is to produce a close above solid resistance at the October high of$1,801.90. Bears' next near-term downside price objective is pushing futuresprices below solid technical support at the September low of $1,721.10. Firstresistance is seen at $1,775.00 and then at $1,7820.40. First support is seenat today's low of $1,760.30 and then at $1,750.00. Wyckoff's Market Rating: 5.5
![Live 24 hours silver chart [ Kitco Inc. ]](https://www.kitco.com/images/live/silver.gif)
December silver futures bears have the overallnear-term technical advantage. However, recent gains have started a priceuptrend on the daily chart and also suggest a market bottom is in place. Silverbulls' next upside price objective is closing prices above solid technicalresistance at $24.00 an ounce. The next downside price objective for the bearsis closing prices below solid support at $22.00. First resistance is seen attoday's high of $23.495 and then at last week's high of $23.645. Next supportis seen at $23.00 and then at $22.75. Wyckoff's Market Rating: 4.5.
DecemberN.Y. copper closed down 85 points at 472.10 cents today. Prices closed nearerthe session low today and hit a five-month high early on. The copper bulls havethe solid overall near-term technical advantage. Prices are in a steepfour-week-old uptrend on the daily bar chart. Copper bulls' next upside priceobjective is pushing and closing prices above solid technical resistance at theMay high of 487.05 cents. The next downside price objective for the bears isclosing prices below solid technical support at 440.00 cents. First resistanceis seen at today's high of 482.30 cents and then at 487.05 cents. First supportis seen at today's low of 468.55 cents and then at 460.00 cents. Wyckoff'sMarket Rating: 8.0.
By Jim WyckoffFor Kitco News
Follow @jimwyckoff
jwyckoff@kitco.comwww.kitco.com