Gold and silver are almost stable in conflicting external markets

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(Kitco News) – Gold and silver prices are almost flat Wednesday midday in the United States. Precious metals are seeing their selling interest limited by a slight decline in the US dollar index as well as US Treasury yields. However, gold and silver buyers were crushed by solidly low crude oil prices that day. December gold was last up $0.80 at $1,777.60 and December silver was down $0.028 at $21.49.

US equity indices are mixed around noon on routine corrective pullbacks after recent gains. After a tense Tuesday afternoon in the markets following reports that a Russian missile landed in NATO member Poland and killed two people, the market mostly calmed down after the United States said the missile was probably not fired by Russia, but rather by Ukraine. in an attempt to shoot down a barrage of incoming Russian missiles.

Traders and investors remain bullish after Tuesday’s U.S. Producer Price Index report was colder than expected and drove major U.S. stock indexes to new highs for the move. The easing of Covid restrictions in China and steps taken by China’s central bank to stimulate the world’s second-largest economy also maintain an optimistic tone in the market mid-week. Gold and silver bulls also see the above as positive for better consumer and business demand for the metals.

Major outside markets are seeing the US Dollar Index slightly lower today. Nymex crude oil prices are solidly lower and trading around $84.25 a barrel. The yield on the benchmark 10-year US Treasury is currently 3.719%.

Technically, December gold futures prices hit a three-month high on Tuesday. Gold futures bulls have the slight overall short-term technical advantage. The bulls still have some momentum and are working on an incipient uptrend in price on the daily bar chart. The Bulls’ next upside price objective is to produce a close above the strong resistance at $1,800.00. Bears next short-term downside price objective is to push futures prices below strong technical support at the November low of $1,618.30. First resistance is seen at this week’s high at $1,791.80 and then at $1,800.00. First support is seen at this week’s low at $1,755.80 and then at $1,750.00. Wyckoff Market Rating: 5.5.

December silver futures prices hit a 4.5-month high on Tuesday. Silver bulls have the overall short-term technical advantage. Prices are in a choppy 2.5 month uptrend on the daily bar chart. The next upside price objective for the silver bulls is to close prices above the strong technical resistance at $23.00. The next downside price objective for the bears is to close prices below the strong support at $20.00. First resistance is seen at $22.00 and then at this week’s high at $22.38. The next support is seen at this week’s low at $21.37 and then at $21.00. Wyckoff Market Rating: 6.0.

December New York Copper closed 400 points at 377.95 cents today. Prices closed near the midpoint of the range today on more profit taking after hitting a four-month high on Monday. Copper bulls have the overall short-term technical advantage. Prices are in a six-week uptrend on the daily bar chart. The next upside price objective of the copper bulls is to push and close prices above strong technical resistance at 400.00 cents. The next downside price target for the bears is to close prices below the strong technical support at 350.00 cents. First resistance is seen at Tuesday’s high at 388.90 cents, then at this week’s high at 396.00 cents. First support is seen at 369.25 cents and then at 360.00 cents. Wyckoff Market Rating: 6.0.