Gold, Silver Prices Weaker in Choppy Trading Session
(Kitco News) - Gold and silver prices aremodestly lower in early-afternoon U.S. trading Monday, in a choppy, two-sidedtrading session. Both the bulls and the bears are cautious ahead of what willlikely be a very active trading week. December gold futures were last down$1.90 an ounce at $1,231.40. December Comex silver was last down $0.121 at$14.635 an ounce.
Focusis on Tuesday's U.S. mid-term elections, which many believe will be areferendum on the performance of President Trump. Gains by the Democrats wouldlikely be bearish for the U.S. stock market.
OnWednesday and Thursday the Federal Reserve's Open Market Committee (FOMC) meetsto discuss U.S. monetary policy, with a statement due Thursday afternoon. Nochange in interest rates is expected at this meeting.
U.S.economic sanctions against Iran went into effect today, including the U.S.penalizing other countries that do business with the regime.
Thekey outside markets today see the U.S. dollar index modestly lower. Meantime,December Nymex crude oil prices are slightly higher and trading just above$63.00 a barrel.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif?0.2924175530478188)
Technically,the gold bulls and bears are on a level overall near-term technical playingfield. Gold bulls' next upside near-term price breakout objective is to producea close in December futures above solid technical resistance at the Octoberhigh of $1,246.00. Bears' next near-term downside price breakout objective ispushing prices below solid technical support at last week's low of $1,213.40.First resistance is seen at last week's high of $1,239.30 and then at$1,246.00. First support is seen at $1,225.00 and then at $1,220.00. Wyckoff'sMarket Rating: 5.0
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
Thesilver bears still have the overall near-term technical advantage, but recentsideways price action suggests a market low was put in place in September.Silver bulls' next upside price breakout objective is closing December futuresprices above solid technical resistance at $15.00 an ounce. The next downsideprice breakout objective for the bears is closing prices below solid support atthe September low of $13.965. First resistance is seen at the October high of $14.95and then at $15.00. Next support is seen at $14.50 and then at last week's lowof $14.24. Wyckoff's Market Rating: 3.0.
By Kitco NewsFor Kitco News
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