Gold, silver see steady price action, awaiting fresh inputs

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(Kitco News) - Gold and silver prices arenot far from unchanged in early U.S. trading Wednesday. Traders are awaitingnew fundamental developments to move the precious metals markets. December goldfutures were last up $0.10 at $1,793.50. December Comex silver was last down $0.013at $24.075 an ounce.

Globalstock markets were mostly weaker in overnight trading. The U.S. stock indexesare pointed to slightly lower openings when the New York day session begins.The major U.S. stock indexes this week have hit record highs. The indexes havemade impressive recoveries from their early-October lows. Traders and investorsremain upbeat amid third-quarter corporate earnings reports that are mostlybeating market expectations. There are storm clouds on the horizon, however.China's economic growth has slowed as the world's second-largest economy dealswith an overheating housing sector, resurgent Covid-19 cases in some regions,and an energy crisis that has produced shortages of some key raw materials-not onlyin China but also in nations that China supplies with those materials.

Tensionsbetween the U.S. and China have up-ticked at mid-week, following reports theU.S. banned China's biggest telecommunications operator, China Telecom, fromdoing business in the U.S.

Thekey outside markets today see the U.S. dollar index slightly lower. Crude oilprices are lower and trading around $83.60 a barrel. Meantime, the 10-year U.S.Treasury note yield is presently fetching 1.591%.

U.S.economic data due for release Wednesday includes the weekly MBA mortgageapplications survey, durable goods orders, the advance economic indicators report,and the weekly DOE liquid energy stocks report.

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 $1,800.00and then at this week's high of $1,811.50. First support is seen at this week'slow of $1,783.00 and then at $1,775.00. Wyckoff's Market Rating: 6.0

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 the overnight high of $24.285 and then at this week's high of $24.695. Next supportis seen at the overnight low of $23.905 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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