Gold, silver see price pressure as bond yields, USDX rise

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(Kitco News) - Gold and silver prices are moderatelylower in early U.S. trading Friday, weighed down by rising U.S. Treasury yieldsand a rebound in the U.S. dollar index on this day. December gold was last down$10.10 at $1,792.30 and December Comex silver was last down $0.16 at $23.96 an ounce.

Globalstock markets were mixed but mostly down in overnight trading. The U.S. stock indexesare pointed to weaker openings when the New York day session begins. Riskappetite has been dented a bit late this week after quarterly results from behemothsAmazon and Apple showed these companies are starting to be crimped by supply-chainconstraints.

Inovernight news, the Euro zone reported its October consumer price index at up 4.1%,year-on-year, compared to a reading of up 3.4% in the September report. TheOctober number was the hottest since 2008.

Themarketplace will monitor this weekend's G-20 meeting in Rome.

Thekey outside markets today see the U.S. dollar index higher. Crude oil pricesare slightly up and trading around $83.00 a barrel. Meantime, the 10-year U.S.Treasury note yield is presently fetching 1.612%.

U.S.economic data due for release Friday includes personal income and outlays, theemployment cost index, the Chicago ISM business survey, and the University ofMichigan consumer sentiment survey.

Technically,December gold futures bulls have the overall near-term technical advantage asprices are in a four-week-old uptrend on the daily chart. Bulls' next upside priceobjective is to produce a close above solid resistance at the September high of$1,836.90. Bears' next near-term downside price objective is pushing futures pricesbelow solid technical support at $1,750.00. First resistance is seen at theovernight high of $1,802.90 and then at the October high of $1,815.50. First supportis seen at today's low of $1,791.80 and then at this week's low of $1,783.00. Wyckoff'sMarket Rating: 6.5

The silver bulls have the overall near-term technicaladvantage. Prices are in a four-week-old uptrend on the daily bar chart. Silverbulls' next upside price objective is closing December futures 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 is seenat Wednesday's high of $24.33 and then at this week's high of $24.695. Next supportis seen at the overnight low of $23.83 and then at $23.615. Wyckoff's Market Rating:6.0.

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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