Price pullbacks for gold, silver following recent gains

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(Kitco News) - Gold and silver prices lowerin early U.S. trading Thursday, on routine corrective pullbacks after recent gains.A firmer U.S. dollar index on this day is also a negative outside market elementfor the metals markets. Don't be surprised to see the gold and silver bulls stepin to buy the dips in prices before the end of the trading session today. Decembergold futures were last down $6.00 at $1,778.90. December Comex silver was last down$0.305 at $24.14 an ounce.

Globalstock markets were mostly lower in overnight trading. The U.S. stock indexesare pointed to slightly lower openings when the New York day session begins. TheU.S. stock market bulls are back in business as the S&P 500 and the Nasdaqindexes are closing on their record highs scored in September. A good corporateearnings season has lifted trader and investor risk sentiment as they workthrough what can be the historically difficult month of October. For the momentit appears the marketplace has pushed to the back burner rising inflation andthe prospect of major global economies slowing down in theor post-pandemicrecoveries.

Thekey outside markets today see the U.S. dollar index firmer after hittinganother three-week low overnight. Crude oil prices are lower and trading around$83.00 a barrel after hitting a seven-year high overnight. Meantime, the10-year U.S. Treasury note yield is presently fetching 1.654%.

U.S.economic data due for release Thursday includes the weekly jobless claimsreport, the Philadelphia Fed business survey, existing home sales and leadingeconomic indicators.

Technically,December gold futures bulls have the overall near-term technical advantage asprices are trending higher on the daily chart. Bulls' next upside price objectiveis to produce a close above solid resistance at the October high of $1,801.90. Bears'next near-term downside price objective is pushing futures prices below solid technicalsupport at the September low of $1,721.10. First resistance is seen at today'shigh of $1,790.30 and then at $1,800.00. First support is seen at Wednesday'slow of $1,767.10 and then at this week's low of $1,760.30. Wyckoff's Market Rating:6.0

The silver bulls have the overall near-term technicaladvantage. Prices are in a three-week-old uptrend. Silver bulls' next upside priceobjective is closing December futures prices above solid technical resistance at$25.00 an ounce. The next downside price objective for the bears is closing pricesbelow solid support at $22.50. First resistance is seen at the overnight highof $24.55 and then at the September high of $24.945. Next support is seen at $24.00and then at Wednesday's low of $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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